Which of the following is NOT considered to be an element of an agreement in an insurance contract?

In an insurance contract, certain elements must be present for the agreement to be valid and enforceable. The concept of a "meeting of the minds," wherein both parties understand and agree on the essential terms of the contract, is fundamental to forming a legally binding agreement. Similarly, the presence of an "offer" from one party and "acceptance" by the other party are essential components that establish the mutual consent required in any contract.

On the other hand, "equity" is not a required element of an insurance contract agreement. While it might relate to principles of fairness and justice in the general context of law, it does not specifically pertain to contract formation. Instead, insurance contracts are focused on the clear agreement between parties as evidenced by an offer and acceptance, alongside the meeting of the minds. As such, equity does not form a necessary component in establishing the agreement of an insurance contract.