Which document details the rights and obligations of both the insured and the insurer?

The insurance policy is the correct answer because it is a comprehensive document that outlines the rights and obligations of both the insured and the insurer. It serves as the foundation of the contractual agreement between the parties involved in an insurance transaction. The policy specifies what is covered, the limits of coverage, the responsibilities of the insured in maintaining the policy, and the insurer's obligations in the event of a claim.

This document includes essential details such as definitions of terms, coverage limits, exclusions, conditions for filing claims, and the duties of both parties. By detailing all these terms, the insurance policy ensures that both the insured and the insurer have a clear understanding of their respective responsibilities and rights, thereby reducing the potential for disputes.

In contrast, a claim form is primarily used for the insured to report a loss and request payment from the insurer but does not define the contractual rights and obligations. A loss run report typically provides a history of claims for a specific insured and is not a contractual document. A coverage endorsement modifies or adds specific provisions to an existing policy rather than detailing the entire rights and obligations contained in the policy.