Which essential part of an insurance contract is often described as a summary of major promises?

The correct answer is the Insuring Agreement. This part of an insurance contract outlines the major promises made by the insurer to cover certain types of losses or damages, specifying what is insured and under what circumstances the insurance coverage applies. This section serves as a critical component, as it clearly defines the scope of coverage and the insurer's obligations to the policyholder.

In contrast, while the conditions section contains specific provisions that outline the duties and obligations of both the insurer and the insured, and the definitions section clarifies the terminology used throughout the policy, they do not summarize the major promises of coverage as effectively as the Insuring Agreement. The declarations section, on the other hand, primarily identifies the parties involved and provides basic information about the insurance policy, such as the policyholder's name, the period of coverage, and premium amounts, but it does not encapsulate the fundamental promises of the coverage itself. Therefore, the Insuring Agreement distinctly serves the purpose of outlining and summarizing the essential commitments made in the contract, making it the correct choice.