Washington State Insurance Practice Exam

What section of an insurance policy would you find the rules for returning premiums?

1. Declarations

2. Insuring Agreement

3. Conditions

4. Exclusions

The correct answer is: Declarations

In an insurance policy, the rules for returning premiums can typically be found in the Declarations section. This section of the policy provides specific details about the policyholder, the insured property, coverage limits, and premium amounts. It serves as a summary of key information related to the insurance contract. The Declarations section is crucial for understanding the terms and conditions of the policy and includes important details such as the policy period, premium payment schedule, and any applicable discounts or surcharges. Options B, C, and D are not where you would typically find the rules for returning premiums in an insurance policy. The Insuring Agreement outlines the scope of coverage provided by the policy, the Conditions section outlines the rights and responsibilities of both the insured and the insurer, and the Exclusions section lists what is not covered by the policy.