Final answer:
A commercial property policy can be cancelled by the first named insured or the insurer, provided such cancellation complies with legal requirements. The first named insured has authority to manage the policy, while the insurer's right to cancel is often regulated.
Step-by-step explanation:
A commercial property policy may be cancelled by certain parties as long as such cancellation is in accordance with the law. Specifically, either the first named insured or the insurer can cancel a commercial property policy. The first named insured is typically listed on the insurance policy documents and has the rights to make changes to or cancel the insurance policy. On the other hand, the insurer also has the right to cancel the policy, however this is usually subject to regulatory constraints and typically requires advance notice to the insured. In the context of commercial property insurance, both the insured and the insurer have the authority to cancel the policy, as long as it is not contrary to the law. Additionally, the first named insured, who is usually specified in the policy, also has the power to cancel the policy. Therefore, the correct answer is option 4) first named insured or the insurer.