Which of the following is not a component of an insurance contract?

In an insurance contract, the essential components typically include acceptance, competent parties, and legal purpose. Acceptance refers to the agreement between the insurer and the insured, where the insurer offers coverage and the insured agrees to the terms and conditions. Competent parties ensure that all parties involved have the legal capacity to enter into a contract, which means they can understand the terms and implications of the agreement. Legal purpose denotes that the contract must be for a lawful activity or to protect an insurable interest.

Market share, on the other hand, is not a fundamental component of an insurance contract. Instead, it pertains to the percentage of the market that a particular insurance company controls relative to its competitors. While market share might be relevant in evaluating an insurance company's performance or influence in the industry, it does not relate to the contractual elements that define an insurance agreement. Thus, highlighting the distinction between these contractual components clarifies why market share is not included among the necessary components of an insurance contract.