An insurance policy serves as a contract between the insurer and the insured. Which of the following statements best describes the primary functions of an insurance policy?

A、It guarantees a profit to the insured while minimizing their financial risks.
B、It outlines the obligations and rights of both parties, ensuring financial protection against specified risks.
C、It is solely a legal document that serves no practical purpose in risk management.
D、It allows the insurer to collect premiums without any obligation to provide coverage.