(i) A term used to identify a statement in a policy as to what is insured. In a Fire policy one might refer to the contents item, meaning the coverage in the policy which applies to the contents. (ii) An individual entry, such a piece of jewellery, listed with its description and valuation on a schedule by a policy showing items covered.
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A general term that can be used to refer to an individual piece of property that is listed as covered within a policy. This can also mean a schedule within a policy that lists all the property that is insured.
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US: A policy, binder, endorsement, cancellation, audit, etc.