Which document outlines the specifics of a life insurance policy's coverage and benefits?

The policy contract is the definitive document that provides detailed information about the life insurance policy's coverage and benefits. This legal agreement lays out the terms and conditions that govern the insurance coverage, including the amount of coverage, premium payment details, exclusions, and any other rights and obligations of both the insurer and the policyholder. It serves as the primary source of information for the policyholder about what is included in their insurance coverage and what benefits they can expect upon claim.

While riders can modify or add specific provisions to the base policy, they do not encompass the entirety of the coverage details; rather, they supplement the original contract. The application form is essential for the underwriting process and helps the insurer assess the risk associated with issuing the policy, but it does not outline the specifics of the coverage itself. The declaration page summarizes important aspects of the policy, such as the insured's name, coverage amount, and premiums, but it does not provide a comprehensive outline of all the terms and conditions found in the full policy contract.