Opinion ID: 2270615
Heading Depth: 2
Heading Rank: 2

Heading: Elements of Insurance Policies

Text: There are a number of provisions that are essential to an insurance policy. The policy must identify: the insured, the individual or entity with the interest at risk; the coverage or insuring agreement, the subject matter and the contingency insured against; [2] the period, the dates prescribing the duration of the risk or contingency insured against; and the limits, the amount the insurer is liable to pay for any given risk up to a specified amount. The essential terms are usually stated in abbreviated form on a declarations page. Insurance policies also usually include a number of other categories of terms. Definitions are usually provided for key terms. Conditions are usually specified regarding the parties' respective obligations. Exclusions are usually stated that limit risks that otherwise might have been covered, and Endorsements are often made adding coverage of risks that otherwise might not have been covered.