Which document outlines the rights and responsibilities of both the insurer and the insured?

The insurance policy serves as a formal contract between the insurer and the insured, clearly detailing the rights, responsibilities, and obligations of both parties. This document includes important information such as coverage limits, exclusions, premium payment terms, and procedures for filing claims.

By outlining the specific terms and conditions of the insurance agreement, the policy ensures that both parties have a clear understanding of their commitments. For example, it describes what events are covered under the policy, what obligations the insured has in terms of maintaining coverage or reporting changes, and the insurer's duty to provide benefits in accordance with the agreed-upon terms. The nuances of the policy play a crucial role in regulating the relationship between the insurer and the insured, making it the primary document for understanding their mutual responsibilities.

Other documents, such as a disclosure statement or beneficiary form, serve different purposes and do not typically outline the detailed contractual relationship found in an insurance policy. The underwriting guide relates to the processes involved in assessing the risk and determining premium rates but does not define the rights and responsibilities of the parties.