Final answer:
The only listed party not considered 'incompetent' in the context of forming an insurance contract is licensed insurance agents. Minors, mentally incapacitated individuals, and individuals under the influence are generally considered legally incompetent in this regard.
Step-by-step explanation:
The question asks which of the following is not considered an 'incompetent' person in the context of forming an insurance contract. In general, certain groups are considered legally incompetent to enter into binding contracts, including insurance contracts. These typically include:
- Minors: Persons under the legal adult age, which is typically 18 in most jurisdictions. Parents can provide consent on behalf of their children, but children are not competent to provide consent for themselves.
- Mentally incapacitated individuals: Those who cannot understand the nature and consequences of their actions due to mental illness or deficiency.
- Individuals under the influence of alcohol or drugs: These individuals are temporarily unable to understand or make rational decisions.
However, licensed insurance agents are professionals authorized to handle insurance transactions, and are thus competent to enter into insurance contracts. Therefore, the correct answer to the question is licensed insurance agents.