Ginny and Max own a rental home on the Gulf Coast. They insured their property with their local insurance company. The policy provides protection against losses caused by perils that are specifically listed as covered in the policy. What type of policy do they have

Question

Bartlett

Business

4 November, 01:59

Ginny and Max own a rental home on the Gulf Coast. They insured their property with their local insurance company. The policy provides protection against losses caused by perils that are specifically listed as covered in the policy. What type of policy do they have

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Answers (1)

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Dean Bright · Answer 1

The options are given below:

A) All-risk policy.

B) Open-perils policy.

C) Named-perils policy.

D) Identified-perils policy.

The correct option is C.

Explanation:

Named-Perils Policy is a term that is used in property insurance and which refers to the policies that provide coverage only for the losses that are caused by the perils which have been specifically listed as covered. It is different from all risks policy, which is used to refer to the policy that covers the losses from all causes not specifically listed as excluded.