Which of the following describes the insuring agreement?

The insuring agreement is a fundamental part of an insurance policy that outlines the specific promises made by the insurance company to the policyholder in relation to covered losses. It essentially defines what the insurer agrees to cover, under what conditions, and the scope of protection provided. This agreement forms the core of the insurance contract, detailing the obligations of the insurer and clarifying the risks that are insured.

In contrast, the other options do not encapsulate the essence of the insuring agreement. For example, the exclusions of the policy detail what is not covered, which is distinct from the promises that are made regarding coverage. The overall cost of insurance premiums pertains to the financial aspect of acquiring insurance, rather than outlining the insurer's responsibilities. Additionally, the definition of insurable interest relates to the requirement that the policyholder must have a legitimate interest in the insured property or person, which does not reflect the commitments of the insurer regarding covered losses.