Two terms, one narrow and one broad. The residence premises is the home itself; the insured location is a bigger circle that starts with that home and adds other places.
Residence premises: the dwelling where the named insured lives, with its other structures and grounds, as shown in the declarations.
Insured location: the residence premises plus other places, for example:
A newly acquired residence.
A place where an insured is temporarily staying.
Vacant land an insured owns or rents, other than farm land.
Not insured locations on their own: a working farm, a duplex rented out year-round, or a shop the insured runs as a business. Those exposures need their own coverage. The distinction matters in Section II, which uses insured location to set the reach of several provisions.