Final answer:
The common policy declarations in a commercial package policy detail the insured's business description, including the name, address, policy period, and nature of the business. Important information such as perils insured against, the duties of both parties and modifications to coverage is typically found in other sections of the policy.
Step-by-step explanation:
The common policy declarations in a commercial package policy provide a broad overview and key details of the insurance coverage. The correct answer to the student's question about the common policy declarations of a commercial package policy is B) Insured's business description. This section typically includes the name and address of the insured business, the policy period, and a description of the operations. While it may contain some information related to modifications to coverage, the prime purpose is to declare who is insured, the nature of their business, and the period of coverage.
It is important to note:
- Perils insured against are usually listed in the coverage forms or endorsements, not in the common policy declarations.
- The duties of both parties to the contract are generally outlined in the conditions section or the policy provisions.
- Modifications to coverage are often detailed in the endorsements or riders attached to the policy.