Which of the following is not true about an insurance policy?

The statement about insurance policies that "the policy always covers intentional acts" is not true. In fact, most insurance policies explicitly exclude coverage for intentional acts. This is because insurance is designed to protect against unforeseen risks and accidents. If a person intentionally causes damage or injury, insurers do not provide coverage as it would be contrary to the principle of insurance, which is meant to cover accidental losses rather than deliberate actions.

The other statements reflect accurate characteristics of insurance policies. The Insuring Agreement indeed includes the name of the insured, which is essential for identifying who is covered under the policy. The Declarations section does detail coverage limits, specifying the maximum amount the insurer will pay in the event of a claim. Lastly, timely payment of premiums is critical for maintaining coverage, as failure to do so can result in policy lapses and loss of protection.