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In a bond scenario, the principal must obtain a bond, which serves as a guarantee that they will fulfill their obligations as outlined in the bond agreement. The bond acts as a form of security for the obligee (the party protected by the bond), ensuring that if the principal fails to meet their contractual obligations or comply with certain regulations, the obligee can claim compensation up to the bond amount. This mechanism is crucial in various industries to ensure trust and accountability among the parties involved.

In this context, the other options do not fulfill the requirements of the bond scenario. Insurance, while it can provide financial protection, does not directly serve the same purpose as a bond. A license might be required for certain activities but is not related to the bond itself. Approval may be necessary as part of the broader process but is not something the principal needs to obtain as a specific component within a bond scenario. Hence, obtaining the bond is the essential requirement for the principal.