The three essential elements of an insurance contract include:

1. Insurable Interest:
   The insured must have an insurable interest in the subject matter of the insurance. This means the insured would suffer a financial loss if the insured event occurs. For instance, a person has an insurable interest in their own life or in property they own. Without insurable interest, the contract is void. (2 Marks)
2. Utmost Good Faith (Uberrimae Fidei):
   Both the insurer and the insured must act in utmost good faith, meaning that they must disclose all material facts that could affect the risk being insured. If either party conceals important information, the contract may be rendered void or voidable. (2 Marks)
3. Indemnity:
   The insurance contract provides indemnity, meaning the insured is compensated for the actual financial loss suffered, up to the amount insured. The principle of indemnity ensures that the insured does not profit from an insurance claim, but is restored to the same financial position as before the loss. (2 Marks)