What is a common inclusion in an insurance policy but NOT a condition?

The insuring agreement is a critical component of an insurance policy that outlines the insurer’s obligations and the general nature of coverage provided. It specifically describes what is covered, detailing the events or perils that the insurance policy will respond to in the case of a loss. This agreement is foundational to the policy itself, as it establishes the framework for coverage and sets the context for what the insured can expect.

In contrast, exclusions, indemnity provisions, and coverage limits each serve a different purpose related to the terms and conditions of the policy. Exclusions specify what is not covered under the policy, outlining the limitations and restrictions that apply to the coverage. Indemnity provisions detail how much the insurer will pay for losses, essentially defining the compensation process. Coverage limits indicate the maximum amount the insurer will pay in the event of a claim.

These elements (exclusions, indemnity provisions, and coverage limits) all reflect conditions or restrictions related to the extent of the coverage, while the insuring agreement stands apart as it encapsulates the core commitments of the insurer to the policyholder. Thus, identifying the insuring agreement as a common inclusion but not a condition highlights its role as the foundation of the insurance policy rather than a stipulation or limit on coverage.