What is an insurance policy?

An insurance policy is fundamentally a contract between an insurer and the insured. It details the agreements made regarding the coverage provided, including the terms, conditions, and limits of the insurance. This contract defines the responsibilities and rights of both parties involved, specifying what risks are covered and under what circumstances claims can be made. The clarity provided in the policy is essential for understanding the nature of the coverage, any exclusions, and the obligations for both the insurer and the insured.

In contrast, a guideline for insurance agents to follow relates to operational procedures, not the direct relationship between the insurer and policyholder. A summary of claims history pertains to the past incidents reported under an insurance policy but does not constitute the insurance policy itself. Lastly, a document listing all available insurance products would serve as an informational resource rather than a binding agreement, which is the core essence of an insurance policy.