Which part of an insurance contract summarizes the major promises of the insurer?

The insuring agreement is the section of an insurance contract that summarizes the major promises made by the insurer. It outlines the scope of coverage, detailing what risks are covered and under what circumstances the insurer agrees to provide financial protection. This part of the contract is fundamental because it directly defines the insurer's obligations and the protections afforded to the policyholder.

In a typical insuring agreement, you will find a clear statement about what is insured, the limits of coverage, and the perils that are included. This section is crucial for understanding the extent of coverage provided by the policy, as it identifies the specific commitments made by the insurer regarding claims and losses.

The other components of the insurance contract play important roles but do not serve the same purpose. Exclusions detail what is not covered by the policy, conditions outline the responsibilities of both the insurer and the insured, and declarations typically provide basic information about the insured, such as names, addresses, and policy limits. While these sections are vital for a comprehensive understanding of the contract, it is the insuring agreement that encapsulates the core promises of the insurer to the insured.