What term describes insurance that offers named-peril protection?

• A. Broad Form Insurance
• B. Crop Hail Insurance
• C. All-Risk Insurance
• D. Occurrence Insurance

Answer: (B)

In the context of insurance terminology, named-peril protection is a specific type of coverage that explicitly lists the perils or risks that are covered under the policy. Although one might consider that crop hail insurance could provide named-peril protection, the term that best fits the description of insurance that specifically deals with named perils among the options is actually Broad Form Insurance.

Broad Form Insurance typically covers a wider variety of named perils than standard policies, and it is designed to include multiple specific risks, such as fire, theft, vandalism, and more, which are clearly defined in the policy. This makes it distinct in its approach to coverage, as it sets clear boundaries around what is and isn’t included.

On the other hand, All-Risk Insurance provides coverage for any risk not expressly excluded, and Occurrence Insurance focuses on incidents that arise during the policy period, regardless of when the claim is reported. Thus, these choices highlight different aspects of insurance coverage not necessarily tied to the named-peril framework. Therefore, understanding the specifics of Broad Form Insurance is essential in recognizing how it pertains to named-peril protection.