What is NOT typically covered under the insuring agreement of an insurance policy?

The reason the selection of detailed policy exclusions is not typically covered under the insuring agreement of an insurance policy is that the insuring agreement primarily focuses on the parties’ obligations and what is specifically guaranteed by the insurer. This agreement outlines the basic coverage being provided, including the perils that are insured against and the insurer's commitment to compensate for covered losses.

In contrast, detailed policy exclusions are included elsewhere in the insurance document, often in a separate section that defines the limitations and situations not covered under the policy. These exclusions serve to clarify the boundaries of coverage, ensuring that both the insurer and the insured have a clear understanding of the circumstances under which claims can be made and the certain risks that are excluded from coverage. Understanding this framework is essential in comprehending the overall function of insurance contracts.