According to California Insurance Code, which of the following MUST be specified in an insurance contract?

While an insurer's financial rating can provide insight into its stability and ability to pay claims, it is not a mandatory element that must be included in the insurance contract itself. Rather, it serves as an informational metric for potential policyholders when selecting an insurer, but does not pertain to the terms of the coverage provided.

Although exclusions are important to understand the limitations of a policy, they are not required to be specified in the insurance contract under California Insurance Code. Exclusions can typically be found in the policy documents, but they do not define the core responsibilities of the insurer related to the covered risks.

Additional coverages may be offered by an insurer to enhance a policy, but they are not a mandatory requirement in the insurance contract. These optional enhancements can be included but are not essential for defining the basic terms of the policy regarding the risks insured.