What is the purpose of a policy schedule?

A policy schedule is a document that outlines the specific details of an insurance policy, including coverage limits, premiums, deductibles, and the insured parties. Its primary purpose is to provide a clear and concise summary of the terms and conditions of the policy, helping both the insurer and the insured understand their responsibilities and rights. Additionally, it serves as a reference point in case of claims or disputes, ensuring transparency and clarity in the insurance agreement.