Which document outlines the terms of insurance coverage between the insurer and the insured?

The policy schedule is the document that outlines the terms of insurance coverage between the insurer and the insured. It is a vital part of an insurance contract, detailing the specific coverage provided, the limits of that coverage, any exclusions, and the premium to be paid. The policy schedule typically accompanies the insurance policy and is tailored to reflect the individual needs and circumstances of the insured, making it significant for both parties in understanding their rights and obligations under the contract.

While the application form serves as a preliminary document where the insured provides information necessary for underwriting, it does not define the terms of coverage. The claims form is used to report a loss and initiate a claim under the policy; it does not outline coverage terms. Similarly, the renewal notice is a communication reminding the insured about policy renewal but does not provide the initial terms of the coverage. Thus, the policy schedule is crucial as it specifies the agreed terms for insurance protection.