What is a written statement that describes the elements of a policy called?

A written statement that outlines the elements of a policy is referred to as a "Policy Summary." This term is used in the insurance industry to provide a concise overview of a policy’s key components, covering essential details such as coverage limits, exclusions, and conditions. The purpose of a Policy Summary is to give policyholders and beneficiaries a clear and accessible reference to understand what is included in their insurance coverage without having to sift through the entire policy document.

Other terms provided in the options may describe related concepts but are not as widely recognized or defined as "Policy Summary" in the context of insurance terminology. For example, a Policy Description might be too vague and could refer to a more generalized account without the structured and standardized nature of a summary. An Insurance Summary could imply a broader overview of various policies rather than a focus on specific elements of a single policy. A Policy Outline suggests a list-like presentation of topics rather than a summary that consolidates and clarifies the key features of the policy. Thus, "Policy Summary" is the most accurate and accepted term among the available options for a written statement detailing a policy's elements.