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The legal age requirement for parties in an insurance contract is primarily defined by local laws, which can vary from one jurisdiction to another. This option recognizes that the age considered "legal" for entering into contracts, including insurance contracts, is determined by the statutes in each location.

In many regions, the age of majority—when an individual is considered an adult and capable of entering into legal agreements—typically begins at 18 years old, but this can change based on specific legal provisions or cultural practices. Thus, the emphasis on local laws acknowledges the diverse legal frameworks that govern these contracts.

The other options do not encompass the variability that exists across different jurisdictions. For instance, stating that a party must be under 18, at least 21, or must be married or financially dependent does not accurately reflect the broad spectrum of legal definitions pertaining to contract capacity. Therefore, the focus on local legal age requirements accurately captures the essence of the issue at hand.