Which of the following must be disclosed in an insurance policy?

In an insurance policy, policy exclusions must be disclosed because they outline specific conditions, circumstances, or risks that are not covered by the insurance. This disclosure is crucial for both the insurer and the insured, as it informs the policyholder about what is not protected under the terms of the insurance contract. Knowing the exclusions helps the policyholder understand the limitations of their coverage and make informed decisions about their insurance needs.

Including exclusions in the policy ensures transparency and prevents misunderstandings between the insurer and the insured. This is particularly important in the context of potential claims, where an insured party may be surprised to learn that certain damages or events are not covered. Clearly stating exclusions allows the insured to take appropriate steps, such as obtaining additional coverage if necessary, rather than assuming they are protected against all possible risks.

Other options, such as policy assumptions, endorsements, and amendments, while significant in their own contexts, do not hold the same essential requirement for disclosure as exclusions do. Policy assumptions relate mainly to the interpretations or expectations that underpin the insurance contract, endorsements modify coverage, and amendments change existing policy terms, but none of these aspects are as critical in defining the scope of what is or isn't covered in the same manner as policy exclusions.