Which of the following is NOT required for an insurance contract to be legally binding?

A legally binding insurance contract requires several key elements, and one of these elements is consideration. Consideration refers to the value exchanged between the parties; in an insurance contract, this commonly means the premium paid by the insured in exchange for the insurer's promise to provide coverage.

Another critical element is the offer and acceptance, which establishes a mutual agreement between the insurer and the insured. The offer could be made by the insurer (such as issuing a policy) and accepted by the customer (the insured who pays the premium and agrees to the terms).

Legal purpose is also essential; the contract must not involve illegal activities and must be for a lawful reason. This ensures that the insurance agreement is valid under the law.

Beneficiary's consent, however, is not a necessary element for the formation of the insurance contract itself. While it is important for policyholders to designate beneficiaries, the actual consent of the beneficiary is not required for the contract to be legally binding between the insurer and the insured. Thus, the correct answer identifies that beneficiary's consent is not a requirement for the formation of a legally binding insurance contract.