What is the Definition of Peril?

What is the Definition of Peril?

A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an allrisk policy, which covers all causes of loss except those specifically excluded.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Peril?

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What is the meaning of Customized Vehicle

A vehicle that has been altered or has equipment or accessories not typically found in a personal vehicle.

What is the meaning of Damages

Money that one party becomes legally obligated to pay to another party.

What is the meaning of Declarations

The part of your policy that includes your name and address; the property that is being insured, its location and description; the policy period; the amount of insurance coverage and the applicable premiums.

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