What is a policy that insures against more than one peril termed as?

A policy that insures against more than one peril is termed a Multi-Peril Policy. This type of insurance provides coverage for various risks under a single policy, which simplifies the insurance process for policyholders. By bundling multiple forms of coverage, such as property damage, liability, and other potential risks, a Multi-Peril Policy offers comprehensive protection to individuals and businesses alike.

The advantage of a Multi-Peril Policy lies in its ability to cover a wide range of potential losses, which can be more cost-effective than purchasing separate policies for each type of risk. This broad approach is particularly beneficial for homeowners and businesses, as it provides peace of mind knowing they are shielded from various threats through a single arrangement.

In contrast, Named Peril Policies specifically list the perils for which coverage is provided and do not extend beyond those explicitly mentioned. While Moral Hazard and Negligence represent concepts related to risk and liability, they are not types of insurance policies and therefore do not apply in this context.