Which term refers to the requirement that both parties to an insurance contract must perform certain obligations for it to be enforceable?

The term that accurately describes the requirement that both parties to an insurance contract must perform certain obligations for it to be enforceable is mutuality. Mutuality signifies that both the insurer and the insured have specific responsibilities that need to be fulfilled for the contract to hold legal weight. This principle is essential in insurance contracts, as it establishes that both sides rely on each other to uphold their ends of the agreement, thus enabling the contract to function effectively.

The other terms provided address different aspects of contracts: executory relates to contracts that have not yet been fully performed by either or both parties; consideration refers to the value exchanged between parties, making the contract binding; and performance refers to the execution of those obligations. However, none of these terms pinpoint the concept of mutual obligations that fundamentally underlies the enforceability of insurance agreements as well as mutuality does.