Which document outlines the specific terms of an insurance policy?

The policy declaration page is the correct answer because it serves as a comprehensive overview of the insurance policy's terms. This document contains essential information such as the policyholder’s name, the coverage amount, the types of coverage provided, the policy's effective and expiration dates, and any relevant endorsements or riders. It effectively summarizes the key elements of the insurance contract, making it easier for policyholders to understand what is covered and the specifics of their insurance agreement.

Other options do not fulfill the same role. For example, the insurance application form is primarily a request for insurance coverage and does not outline the terms of the policy itself. A claims report details specific incidents and seeks reimbursement or compensation but does not contain policy terms. A coverage summary provides a high-level overview of what is included in the coverage but lacks the detailed specificity found in the policy declaration page that defines the contractual obligations of both the insurer and the insured.