Which of the following is NOT one of the four parts of an insurance policy?

An insurance policy is typically structured around four essential components that collectively establish the contract between the insurer and the insured. These components are designed to ensure clarity and mutual understanding of the terms of coverage.

The parts commonly recognized include the agreement, which outlines the terms and conditions of the coverage; consideration, which refers to what each party offers as part of the contract (usually the insured's premium and the insurer's promise to pay claims); and legal purpose, indicating that the policy must be for a lawful purpose and not against public policy.

The term "promotion" does not represent a component of an insurance policy. While marketing and promotional activities are important to the insurance industry, they are not part of the contractual elements that comprise an insurance policy itself. This distinction is critical for understanding how insurance products are structured and offered in a regulated marketplace.