What document outlines the rights and responsibilities of policyholders and insurers?

The document that outlines the rights and responsibilities of policyholders and insurers is the insurance contract. This contract serves as a legally binding agreement between the insurer and the policyholder, precisely detailing what each party can expect from the other. It includes coverage details, terms and conditions, exclusions, and the responsibilities of both parties. Understanding the insurance contract is essential for policyholders, as it enables them to know their obligations and entitlements under the policy, including how claims are processed and what circumstances can result in denial of coverage.

Other options, while useful in their own contexts, do not provide the comprehensive framework found in an insurance contract. For instance, the declaration page typically summarizes the key features of the policy, such as the insured amount and policyholder details, but it does not cover the full range of rights and obligations. A policy summary provides an overview of the policy terms but lacks the legal grounding that the insurance contract holds. The benefits schedule outlines specific benefits provided under the policy but does not address the complete relationship between the insurer and policyholder. Therefore, the insurance contract is the most appropriate answer to this question.