What aspect of insurance contracts defines the obligations between the insurer and the insured?

The aspect of insurance contracts that defines the obligations between the insurer and the insured is the conditions. Conditions outline the specific duties and responsibilities that both parties must adhere to in order for the insurance contract to be valid. For instance, these may include the requirement for the insured to report claims promptly, the insurer's obligation to provide coverage for certain events, and the procedures for how claims are processed.

These conditions effectively establish a framework for how the contract operates, stipulating what the insurer is required to do, as well as what is expected from the insured. This contractual framework is essential because it sets the rules that govern the relationship, ensuring that both parties understand their rights and duties regarding the coverage provided.

In contrast, policy limits refer to the maximum amount the insurer will pay under the policy, declarations provide important information about the insured, and exclusions specify what is not covered under the policy. While these components are crucial to understanding the coverage and limits of the insurance contract, they do not directly define the obligations between the parties like conditions do.