A policy shall specify all of the following EXCEPT?

A policy must clearly identify the property or life that is insured, which ensures that all parties understand what is covered under the terms of the insurance contract. It is essential for clarity in risk assessment and claims handling. The inclusion of the parties to the contract is also fundamental, as it delineates who is involved—typically the insurer and the insured. Additionally, specifying the period of insurance coverage is critical to understanding the duration for which the policy is valid, determining when coverage begins and ends.

While the method of calculating the coverage amount is important for underwriting and actuarial purposes, it is not a mandatory specification in the policy itself. Policies typically state the coverage amount but may not need to outline the exact method of calculation within the document. Thus, a policy could suffice without detailing the complex methods used to calculate that coverage amount, making it less essential compared to the other aspects that must be specified.