What section of an insurance policy outlines the rights and duties of both the insured and the insurance company?

The section of an insurance policy that outlines the rights and duties of both the insured and the insurance company is the Conditions section. This part of the policy clearly defines the contractual obligations each party must fulfill. It typically includes requirements such as the insured's duty to report a claim, the insurer’s obligation to investigate and pay claims, and any other stipulations that govern the relationship between the two parties.

Understanding the Conditions section is vital for both parties, as it establishes what is expected in terms of claims handling and communication. The information here ensures that all parties are aware of their responsibilities and can refer to it in case of disputes or misunderstandings about the policy terms.

The other sections of an insurance policy serve different purposes. The Declarations section provides an overview of the insured items and the coverage amounts, while Exclusions outline what is not covered by the policy. Endorsements are amendments or additions to the policy that change its terms or coverage but do not typically set forth the rights and obligations inherent to the original agreement.