What defines the 'policy period' in an insurance contract?

The definition of the 'policy period' in an insurance contract is centered around the duration during which the coverage is active. This period is specifically outlined in the policy itself, indicating the start and end dates of the insurance coverage. It is crucial because any claims made must fall within this timeframe in order to be applicable for coverage under the policy. If an incident occurs outside the designated policy period, the insurer is typically not responsible for coverage, thereby defining the period as a critical component of the insurance agreement.