In an insurance policy, what term describes the summary of what the insurer will do in the event of a covered loss?

The correct term that describes the summary of what the insurer will do in the event of a covered loss is the Declaration. The Declaration page or section of an insurance policy outlines the essential details of the policy, including the type of coverage, limits, effective dates, and key duties of the insurer in the event of a claim.

This page serves as a vital reference, providing clear information about what the insured can expect from the insurer following a covered loss. It establishes the foundational terms of coverage and the obligations of both parties. Understanding the Declaration is crucial for policyholders, as it directly relates to their rights and the insurer's responsibilities in the event of a claim.

Endorsements are modifications or additions to the policy that change its coverage or terms. SectionX and exclusions typically refer to specific limitations or conditions within a broader policy framework, but do not summarize the insurer's obligations in the way that a Declaration does.