West Virginia Property and Casualty Licensing Practice Exam

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What defines "named perils" in an insurance policy?

  1. All potential risks

  2. Specific risks listed

  3. Categorizations of liability

  4. General property coverage

The correct answer is: Specific risks listed

"Named perils" in an insurance policy refer to specific risks that are explicitly listed within the policy document. This type of coverage means that protection is only provided for those particular perils that are identified. For example, a policy might cover "theft, fire, and vandalism" as named perils, which means that if damage occurs from any source outside of those specified risks, the claim would not be covered. This approach is in contrast to an "all risk" or "open perils" policy, which generally covers any loss unless specifically excluded. Thus, the definition highlights the importance of understanding what is and is not covered in an insurance policy.

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