Which of the following is NOT a condition commonly found in an insurance policy?

The insuring agreement is a primary component of an insurance policy that outlines the coverage provided by the insurer. It specifies the risks or perils covered and the obligations of both the insurer and the insured. This component is fundamental to the policy and serves as the basis on which insurance protection is granted. In contrast, subrogation and appraisal are conditions that help manage claims processes and disputes. Cancellation and nonrenewal provisions outline the circumstances under which a policy may be terminated or not renewed, which is also common in insurance policies.

Subrogation involves the insurer's right to pursue a third party that may have contributed to a loss after it has indemnified the insured. Appraisal is a method for settling disputed claims regarding the value of a loss. Cancellation and nonrenewal are important because they dictate the terms under which a policy can be terminated, either by the insurer or by the insured, typically tied to specific conditions.

While all of these play a role in the structure and management of insurance policies, the insuring agreement is crucial as it directly relates to the promise of coverage - without it, a policy would lack its primary purpose. Hence, the correct identification of the insuring agreement as NOT being merely a "condition" within the policy context sets