Which document outlines the details of an insurance policy?

The policy contract is the document that outlines the details of an insurance policy. It serves as the legal agreement between the policyholder and the insurance company, detailing the terms, conditions, coverage limits, exclusions, and benefits of the policy. This document is crucial because it defines both the insurer's and the insured's rights and responsibilities, ensuring that both parties are aware of the scope of coverage and any limitations that may apply.

While the insurance application provides the initial information used by the insurer to assess risk and determine premium rates, it does not contain the specific coverage details or terms of the policy. The premium invoice is a billing statement that outlines amounts due for coverage but lacks comprehensive information about the coverage itself. The coverage summary offers a brief overview of the key aspects of a policy, but it does not serve as the formal documentation that details all terms and conditions. Hence, the policy contract is the definitive source for understanding the specifics of an insurance policy.