Which document outlines the terms and conditions of an insurance policy?

The insurance policy contract is the primary document that outlines the terms and conditions of an insurance policy. It serves as a legal agreement between the insurer and the insured, detailing the coverage provided, the exclusions, the limits of liability, and the obligations of both parties. Understanding this contract is crucial for clients to know what protections they are receiving and any responsibilities they have, such as the payment of premiums.

Other documents mentioned, such as the agent's report, are typically used to summarize the information gathered during the underwriting process or negotiate terms but do not define the policy's conditions. Underwriting guidelines serve as internal instructions for insurers on how to assess risks and determine coverage terms but are not presented to the insured. The application form collects relevant information from the applicant but does not outline the terms of the policy itself. Thus, the insurance policy contract stands out as the definitive source for the terms and conditions governing the insurance relationship.