What term refers to the main contract of life insurance coverage?

The correct term that refers to the main contract of life insurance coverage is "policy." A life insurance policy outlines the terms and conditions of coverage, including details such as the amount of coverage, premiums, exclusions, and the rights and responsibilities of both the insurer and the insured. It serves as the foundational document that governs the insurance relationship.

The other terms presented have different meanings within the context of insurance. A rider is an add-on to a basic policy that provides additional coverage or benefits but is not the main contract itself. A deductible is a specified amount that a policyholder must pay out of pocket before the insurance coverage kicks in, which is more relevant in property or health insurance rather than life insurance. An endowment refers to a specific type of life insurance policy that pays out a sum assured upon maturity or death, but it is also not the main term for the contract of coverage as a whole. Thus, the term "policy" is the most appropriate and accurate descriptor for the main contract of life insurance coverage.