<Li> Declarations - identifies who is an insured, the insured's address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy period and premium amount . These are usually provided on a form that is filled out by the insurer based on the insured's application and attached on top of or inserted within the first few pages of the policy . </Li> <Li> Definitions - Defines important terms used in the rest of the policy . </Li> <Li> Insuring agreement - Describes the covered perils, or risks assumed, or nature of coverage . This is where the insurance company makes one or more express promises to indemnify the insured . </Li> <Li> Exclusions - Takes coverage away from the insuring agreement by describing property, perils, hazards or losses arising from specific causes which are not covered by the policy . </Li>

Who bears the risk if the subject is insured against that particular risk