Final answer:
The mandatory part of an insurance contract that varies with each individual policy is the declarations. It includes personalized details such as the policyholder information, insured property, coverage, policy limits, and premium.
Step-by-step explanation:
The part of an insurance contract that varies with each individual policy while still being a compulsory part of the policy is known as the declarations. The declarations page includes specific information about the policyholder, the insured property, and the coverage provided, including the policy limits and the premium. This section is tailored to the individual policy and the policyholder, making it unique for each insurance contract. Unlike the other parts of the policy such as conditions, exclusions, and the insuring agreement, which are typically standardized across policies, the declarations must be amended to reflect the specific details and choices of the insured.