Which component of an insurance policy outlines the specific terms and conditions of coverage?

The insuring agreement is the component of an insurance policy that clearly outlines the specific terms and conditions of coverage. This part of the policy details what risks are covered, the scope of coverage, the obligations of the insurer, and the protection the insured can expect. It essentially lays the groundwork for the contract between the insurer and the insured, delineating the rights and duties of both parties involved in the insurance agreement.

The declarations provide general information about the policyholder and the insured property or risk but do not detail the terms of coverage. Endorsements are modifications or additions to the original policy that can change coverage or terms but do not constitute the primary terms of the insurance agreement. Exclusions specify what is not covered by the policy, further clarifying the limits of the insuring agreement but not part of the definitions of coverage itself.