Final answer:
Statutory conditions under common law dictate the terms and conditions required in specific policy areas, such as insurance policies, including definitions, rules, and regulations. Option A accurately states that statutory conditions are made up of such elements as they pertain to automobile policies.
Step-by-step explanation:
The question concerns statutory conditions under common law. Statutory conditions refer to mandatory legal provisions that form part of legislation or enactments. These conditions dictate the terms and conditions that governments or other entities must adhere to, as set out by relevant statutes. Statutory conditions pertaining to insurance policies, such as automobile policies, typically include definitions, rules, and regulations that govern those policies and their coverage.
In the context given, Option A is the most accurate: Statutory conditions are made up of definitions, rules, and regulations that govern automobile policies. These conditions specify various obligations and stipulations for both insurers and the insured, ensuring a standard of practice within the industry.
Constitutions and basic laws, while highly relevant in the domain of law and governance, do not typically prescribe statutory conditions of insurance policies, suggesting that Options B, C, and D do not accurately reflect the concept of statutory conditions as encountered in common law systems.