Which of the following is NOT a component of a typical insurance policy structure?

A typical insurance policy structure is organized into several components that clarify the coverage and stipulations of the policy. The primary components include:

• Conditions: These are the specific responsibilities and obligations of the policyholder and the insurer, outlining what must be done for coverage to apply.

• Definitions: This section provides clarity on the terms used throughout the policy, ensuring that the insured understands the exact meaning of key words and phrases.

• Exclusions: This part details what is not covered by the policy, specifying situations or causes of loss for which the insurer will not provide coverage.

While limitations may pertain to some aspects of coverage, they are typically embedded within the sections of conditions or exclusions, rather than standing as a distinct formal component of a policy structure. Therefore, limitations do not usually constitute an independent category within the typical framework of an insurance policy, which is why it is considered the correct response. Understanding these components allows policyholders to fully grasp their insurance coverage, terms, and limitations.