Which part of an insurance contract contains the promise to pay losses covered by the policy in exchange for the insured's premium and compliance with policy terms?

The insuring clause is the section of an insurance contract that explicitly outlines the insurer's promise to cover specific losses in exchange for the insured's premium payments and adherence to the terms of the policy. This clause essentially serves as the contractual guarantee that the insurer will provide financial compensation, subject to the conditions and limitations defined elsewhere in the policy.

It defines the scope of coverage, ensuring that both parties have a clear understanding of what risks are insured. This clarity is vital for establishing trust and expectations between the insurer and the insured.

In contrast, the declaration page typically summarizes essential information about the policy, such as the policyholder's details and the coverage limits, but it does not contain the specific promise of coverage. Conditions pertain to obligations that the insured must meet to maintain coverage, while exclusions detail circumstances or types of losses that are not covered by the policy. Therefore, the insuring clause is the foundational element that encapsulates the promise of coverage, making it the correct choice.