Which document describes the relationship between an insured and an insurance company?

The most accurate document that describes the relationship between an insured and an insurance company is the insurance policy. This legal document outlines the terms and conditions of the agreement between the insurer and the insured, detailing what coverage is provided, the obligations of each party, and any exclusions or limitations that apply.

The insurance policy establishes the framework of the relationship, including details such as the premium amounts, coverage limits, deductibles, and the process for filing claims. By signing the policy, the insured agrees to pay the premium, and in return, the insurance company agrees to provide financial protection as specified in the document.

While an indemnity contract is a component of many insurance policies, describing the principle of indemnity (which aims to restore the insured to their financial position prior to a loss), it does not encompass the entire relationship detailed in an insurance policy. Endorsements modify existing policies by adding or changing coverage but are not standalone documents that define the overall relationship. Terms of coverage refer to the specifics laid out within the policy but again do not serve as the primary document that details the relationship.