An insuring agreement contains a promise to the policyowner and, in general terms, states the insurer's rights under contract law only.

• A. Exclusions and endorsements
• B. Duties after a loss
• C. Premium payment terms
• D. Insurer's rights under contract law only

Answer: (D)

The insuring agreement is the part of a policy that creates the insurer’s promise to pay for covered losses in exchange for a premium. It states, in broad terms, the insurer’s obligations under the contract and the protection being provided, rather than detailing what’s excluded, what the insured must do after a loss, or how premiums are calculated. Those other elements—exclusions and endorsements, duties after loss, and premium terms—live in separate sections of the policy. So the statement that this section covers the insurer’s rights under contract law only best reflects its role: it formalizes the insurer’s promise to indemnify under the contract.