Match the term with its definition. Some terms may not be used.
-A policy for small businesses that do not qualify for a BOP that combines property insurance, commercial general liability insurance, and crime insurance

Question

Quizplus · Accepted Answer

A package policy is a type of insurance policy that combines multiple coverages into one. It is designed for small businesses that do not qualify for a Business Owner's Policy (BOP), which is a popular type of insurance for small businesses that combines multiple coverages, including property insurance, commercial general liability insurance, and crime insurance. A package policy is similar to a BOP in that it combines multiple coverages, but it is designed specifically for businesses that do not qualify for a BOP.

Answer: C
 Commercial general liability insurance (CGL) is a type of insurance that provides coverage for liability claims arising from the daily operations of a business, such as bodily injury or property damage. It is typically included as part of a Business Owner's Policy (BOP) or a package policy, but can also be purchased as a standalone policy.

Answer: K
 Workers' compensation insurance is a type of insurance that provides benefits to employees who are injured or become ill as a result of their work. It is required by law in most states for businesses with employees, and provides benefits such as medical treatment, lost wages, and disability benefits.

Answer: A, B, G
 Business interruption insurance is a type of insurance that provides coverage for lost income and expenses when a business is unable to operate due to a covered loss, such as a fire or natural disaster. A Business Owner's Policy (BOP) is a type of insurance for small businesses that combines multiple coverages, such as property insurance, commercial general liability insurance, and crime insurance. A package policy is a type of insurance policy that combines multiple coverages into one, and is designed for small businesses that do not qualify for a BOP.

Match the Term with Its Definition