Which of the following statements is true about open-perils policy and named-perils policy?
A)Open-perils policies cover many perils not covered by named-perils policies.
B)An open-perils policy covers only losses caused by the perils listed in the policy.
C)A named-perils policy is also known as the "all risk" policy.
D)The exclusions in a named-perils policy are more definitive of coverage than in an open-perils policy.
E)A named-perils policy provides broader coverage than an open-perils policy.

Question

Quizplus · Accepted Answer

Open-perils policies offer broader coverage by covering all perils except those specifically excluded, whereas named-perils policies only cover the perils that are listed in the policy.

Which of the Following Statements Is True About Open-Perils Policy