What document outlines the coverage and terms of an insurance policy?

The document that outlines the coverage and terms of an insurance policy is the insurance policy contract. This contract serves as a legal agreement between the insurer and the insured and includes crucial information such as the specifics of what is covered, any exclusions, the conditions under which claims can be made, the limits of coverage, and the responsibilities of both parties. It is essential for policyholders to understand the details within this document, as it dictates their rights and obligations under the insurance policy.

Other documents mentioned, like a claim report, primarily focus on detailing the specifics of a claim after a loss has occurred, but they do not define the coverage or terms of the policy itself. A premium statement provides financial details regarding payments due for the policy but does not address coverage specifics. Similarly, a coverage checklist may summarize policy features, but it does not replace the comprehensive legal definitions and terms found within the insurance policy contract itself.