I got a Volvo Penta
2003T in my boat and noticed the water
pump started leaking. So I bought a repair kit ( $310) and pulled the pump apart.
Lucky I didn't do this away from home as I found bits missing. I don't think that somebody took parts
out of the kit I think this is what Volvo
thinks you need to repair your pump. The big o-ring which seals
against the motor-block was missing plus the two seals
and o rings which seal the incoming and outgoing water pipes. I would consider those bit part of the waterpump.
It cost me less than $5 to buy the missing bits but I believe when you pay $310 for two bearings and some seals it could be complete. So don't buy a kit like that and chuck it in the spare parts
box thinking you got all you need.