Final answer:
The presentation of policy features that includes non-guaranteed elements details the aspects of a policy that are not certain and depend on variable conditions, unlike warranties or service contracts that offer definite assurances.
Step-by-step explanation:
The presentation of policy features that includes non-guaranteed elements refers to the disclosure of the aspects of a policy or contract that are not assured by the seller. These elements can vary and may include things that depend on certain conditions or future performance, and are contrasted with guaranteed elements such as warranties or service contracts which provide a definite promise of performance, quality, or durability.
For example, whereas warranties or guarantees assure the customer of certain outcomes (like the ability to return a defective product for a refund), non-guaranteed elements may relate to potential dividends or returns on an insurance policy that are contingent on the insurer's performance or profits. It's important for consumers to understand both guaranteed and non-guaranteed elements when engaging in transactions, as this allows them to make informed decisions and manage expectations about what the seller is explicitly promising versus what may happen based on varying circumstances or future events.