Which of the following are main components of an insurance policy?

The main components of an insurance policy include declarations, insuring agreement, exclusions, and conditions.

Declarations provide specific information about the insured, such as the name, address, and policy number, as well as details regarding the coverage provided, including limits and deductibles. This section clearly identifies what is being insured and the terms of that coverage.

The insuring agreement outlines the insurer's promise to pay for covered losses, specifying the risks that are covered under the policy. This is a crucial element, as it defines the scope of protection provided to the insured.

Exclusions are equally important as they delineate what is not covered by the policy, providing clarity on the limitations of coverage. Understanding exclusions helps policyholders assess their overall risk and make informed decisions about additional coverage or endorsements they may need.

Conditions establish the rules under which the insurance contract operates, including the obligations of both the insurer and the insured, such as the duty to report claims promptly. This section ensures that both parties understand their responsibilities, which helps prevent disputes later on.

Other combinations of terms, such as those mentioned in the other choices, include elements that may relate to insurance but do not accurately reflect the foundational components of an insurance policy as established in standard practice. For instance, while