The part of an insurance contract that contains rules and obligations of the insured and the carrier is called what?

The correct answer is the Conditions section of an insurance contract. This part outlines the specific rules and obligations that both the insured and the insurance carrier must adhere to throughout the life of the policy. Conditions regulate the behavior of both parties and can cover aspects such as how claims are to be filed, the process for resolving disputes, and the requirements the insured must fulfill to maintain coverage.

The Declarations section typically provides a summary of the key information about the insurance policy, such as the names of the insured and insurer, the coverage limits, and the premium. Endorsements are modifications or additions to the standard policy that generally alter the coverage in some way. The Insuring Agreement defines the scope of coverage provided by the policy, such as the risks that are covered, but it does not detail the responsibilities and requirements of the parties involved. Thus, the Conditions section is crucial for delineating the obligations that underpin the contract, making it the correct response in this case.