InsuranceNamed peril Deferred annuity Policy Term Reinsurance State-mandated benefits Per-service deductible
All-risk agreement
When discussing property or liability insurance contracts, it's important to understand that there are two types: named perils and open perils. A named perils policy only covers losses that are explicitly listed, while an open perils policy covers all risks except for those specifically excluded. This type of policy is also known as an "all risks policy." It's crucial to carefully review the exclusions in an open perils policy to fully understand the extent of coverage.
Related terms
Understand the meaning and definition of Named peril in the context of stock market, trading, and investments.
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