This template will create an Azure Cosmos DB Database Account with the name provided, the location set to the same location as the resource group that was used, and the Offer Type set to Standard.
This template includes the optional Consistency Policy property, the account will be created with the default consistency level specified.
For more information on Azure Cosmos DB Consistency Levels please refer to, Using consistency levels to maximize availability and performance in Azure Cosmos DB
If you want just want to create an Azure Cosmos DB with the default values set then refer to, 101-create-documentdb-account to see how it is done.