Named Peril Policy

Definition of "Named peril policy"

Rosanta  Vallone
Rosanta Vallone Fletcher Realty Services Inc

Insurance contract under which covered perils are listed. Benefits for a covered loss are paid to the policy owner. If an unlisted peril strikes, no benefits are paid. For example, under the standard fire policy, fire is a particular listed peril. If an insured's home burns, he will be indemnified.

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