In an insurance policy, what is the summary of the insurer's responsibilities during a covered loss called?

The summary of the insurer's responsibilities during a covered loss is known as the insuring agreement. This section of an insurance policy outlines what the insurer promises to cover, including the types of losses that are covered and the limits of those coverages. It essentially details the core obligations of the insurer to the insured when a loss occurs, explaining under what circumstances the policy will respond to claims.

The insuring agreement sets the foundation for the entire policy, clarifying the scope of coverage and any specific conditions that must be met for a claim to be valid. This clarity allows both the insurer and the insured to understand their rights and obligations under the policy.

The other terms mentioned serve different functions. The policy declaration is typically a summary of the insured's information and may include key details about the policy, like coverage limits and premium amounts, but it does not describe the insurer's responsibilities. A coverage endorsement modifies the existing coverage or adds new coverage to a policy and can address specific situations or property, rather than summarizing basic responsibilities. The liability clause specifically relates to the insurer's obligations to defend or indemnify the insured for claims of liability, but again, it doesn’t encompass the broader scope of responsibilities during a covered loss as the insuring agreement does.