@indemnifyme - I've never thought of insurance in terms of a contract before but it makes sense!
People might be interested to know about the other things besides consideration that make up a contract. They are: legal purpose, offer and acceptance, and competent parties. Most of this is exactly as it sounds. The contract must be legal, so a contract that involves a criminal act is automatically invalid. One party must offer the contract and the other must accept it. Also, the people entering into the contract must be legally competent which basically means of legal age, not insane, and not under the influence of drugs.