What term describes the document that outlines the conditions and responsibilities of parties involved in an insurance agreement?

The term that describes the document outlining the conditions and responsibilities of the parties involved in an insurance agreement is the "Contract of Insurance." This document serves as the formal agreement between the insurer and the insured, detailing the rights, obligations, coverage terms, premiums, exclusions, and conditions under which claims can be made.

An insurance policy is a specific type of contract, often used interchangeably with "contract of insurance," but the term "contract of insurance" emphasizes the legal framework and binding nature of the agreement itself, encompassing all terms agreed upon by both parties. The document ensures that everyone involved understands their commitments, thus reducing the likelihood of disputes.

While an insurance binder serves as a temporary agreement that provides immediate coverage until a formal policy is issued, it does not contain complete details like a contract of insurance would. An insurance agreement might be a broader term that doesn’t necessarily imply the legal enforceability that comes with a contract. Therefore, "Contract of Insurance" accurately captures the essence and specificity required for this question.