What summarizes what the insurer will do in the event of a covered loss?

The insuring agreement is the component of an insurance policy that clearly outlines the insurer's responsibilities in the event of a covered loss. This section typically specifies what types of losses are covered, the scope of the coverage, and the obligations that the insurer has in processing claims related to those losses. It serves as the foundational promise of the insurance contract, defining the terms under which the insurer will provide compensation or services to the insured party.

The other sections mentioned serve different purposes. The declarations page provides essential information such as the policyholder's name, coverage limits, and the policy period but does not detail the insurer's actions for covered losses. The conditions section outlines the rules and duties that both the insurer and the insured must follow, while the definitions section clarifies specific terms used within the policy. However, it is the insuring agreement that fundamentally communicates the insurer’s obligations concerning coverage in the event of a loss, thereby making it the correct answer in this context.