Question

Which peril policy insures a property against all perils specifically listed in the policy?

A) Named Peril Policy
B) Broad Form Policy
C) All-Risk Policy
D) Specific Peril Policy

Answer 1

A Named Peril Policy insures a property only against the perils that are specifically listed within the policy document, such as fire or theft, and does not cover unlisted perils like flood damage.

Step-by-step explanation:

The policy that insures a property against all perils specifically listed in the policy is a Named Peril Policy. This type of insurance policy provides coverage only for those risks that are explicitly described within the policy document.

The insured risks are named, and any peril not listed is generally not covered. For example, if a policy lists fire, lightning, and theft, these are the perils that the policy will cover.

If an incident occurs that is not listed, such as flood damage, this would typically not be covered under a named peril policy.