What is meant by policy period in an insurance contract?

The policy period in an insurance contract refers to the duration in which the coverage is active, starting from the inception date and ending on the expiration date. This is a critical aspect of an insurance policy because it defines the window of time during which the insured is protected against covered risks.

During this period, any claims that arise from events or losses that occur are typically eligible for coverage, provided they fall within the terms and conditions of the policy. Understanding the policy period is essential for both insurers and insureds, as it dictates their rights and obligations regarding covered events and premium payment.

The other options pertain to different aspects of an insurance policy but do not accurately define the policy period itself. For instance, the timeframe between claim submissions, the length of time required for settlement of a claim, and specific dates on which premiums are due describe other components of the insurance process rather than the active duration of coverage. Thus, the correct answer encapsulates the fundamental concept of when the insurance protections apply.