Final answer:
In an insurance policy, factual statements about the insured or the risk are known as Declarations. These are important for assessing risk and determining insurance premiums. The correct option is A.
Step-by-step explanation:
Factual statements about the insured or the risk in an insurance policy are considered Declarations. Declarations are essentially statements that provide information about the insured individual or entity and the nature of the risk insured against.
These facts help the insurer assess the risk and determine premiums. Unlike conditions, which are rules for the insurance contract, or warranties, which guarantee certain facts or conditions about the insurance risk, or exclusions which are specific situations not covered by the policy, declarations are straightforward factual descriptions regarding the subject of the policy.