Which document outlines the terms and conditions of an insurance policy?

The insurance contract is the document that outlines the terms and conditions of an insurance policy. It serves as the legally binding agreement between the insurer and the insured, detailing the coverage provided, the limits of the policy, the premiums to be paid, the responsibilities of both parties, and the procedures for making a claim.

In contrast, the application form is typically used to gather information from the applicant but does not itself define the terms of coverage. The underwriting guidelines are used by insurers to assess risk and determine eligibility for coverage, but they focus on the criteria for underwriting rather than the specific terms of the policy. The agent's report may provide insights about the sale or recommendations for coverage, but it is not a formal document that outlines contractual obligations. Therefore, the insurance contract is the critical document that specifies all terms and conditions relevant to the policyholder's coverage.