The part of a policy in which the insurer states what it promises to pay for is the:
Explanation
The insuring agreement is the insurer's promise, the broad statement of what perils, property or liability the policy covers in exchange for the premium. Exclusions then carve losses back out of that promise, conditions set the duties of both parties, and definitions fix the meaning of the terms the policy places in quotation marks. Reading the promise first and the exclusions second is how a coverage question is answered.
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