Which are the main components of an insurance contract?

The main components of an insurance contract are indeed the declarations, insuring agreement, exclusions, and conditions.

Declarations provide essential information about the insured individual or entity, the property being insured, and the coverage limits. This section sets the stage for the rest of the contract by detailing who is covered and under what circumstances.

The insuring agreement outlines what risks are covered under the policy. It specifies the insurer’s promise to pay for covered losses and describes the nature of the coverage provided. This is a critical component as it defines the insurer's obligations.

Exclusions specify what is not covered under the policy, helping to delineate the limits of coverage. Understanding exclusions is essential for both insurer and insured, as it prevents misunderstandings about what risks are insurable.

Conditions are the rules and guidelines that both parties must follow for the insurance contract to remain valid. This includes information on how claims must be filed, the policyholder's responsibilities, and other related stipulations that ensure proper management of the contract.

The other options include components that may not comprehensively cover the core elements of an insurance policy, such as terms of service— which may pertain more to customer agreements and user policies rather than the structure of an insurance contract itself. Meanwhile, the claims