What is a 'policy schedule'?

A 'policy schedule' is a crucial document that outlines the specifics of the insurance cover provided to the policyholder. It typically includes important information such as the insured items, coverage limits, exclusions, and the duration of the insurance policy. This document serves as an official record that delineates the terms of the contract between the insurer and the insured, ensuring that both parties understand what is covered under the policy.

By detailing the specifics of coverage, the policy schedule facilitates better communication and understanding between the insurer and the insured, helping to avoid disputes over terms in the future. It may also identify the premiums due and any applicable deductibles, thus providing a comprehensive snapshot of the insurance relationship.

The other options do not accurately reflect the definition of a policy schedule. For instance, a summary of the insurance company's history does not pertain to the individual coverage details relevant to the policyholder. Similarly, a list of frequently claimed items does not embody the policy's terms and coverage specifics. Lastly, a non-binding agreement suggests there is no contractual obligation, which contrasts with the binding nature of a policy schedule that outlines key aspects of the insurance contract.