What document establishes the terms and conditions of an insurance policy?

The document that establishes the terms and conditions of an insurance policy is the insurance contract. This contract serves as a formal agreement between the insurer and the policyholder, detailing the rights and responsibilities of both parties. It outlines the coverage provided, any exclusions or limitations, the premium amount, payment terms, and the duration of the policy. By defining these elements, the insurance contract ensures that both the insurer and the insured have a clear understanding of what is covered and what is not, minimizing disputes in the event of a claim.

While the other documents mentioned have their roles, they do not establish the comprehensive terms and conditions of the insurance policy. The insurance application is used to gather necessary information from the applicant but does not constitute a contract. Policy endorsements modify or add to the coverage of an existing policy but are not the primary document that defines the terms. The insurance policy summary provides a brief overview of the coverage but lacks the detailed legal language found in the actual contract and therefore does not establish terms and conditions.