Florida Insurance Claims Adjuster License Practice Exam

What is the combination of commercial property and liability into one policy called?

1. A. A monocline policy

2. B. A valid policy

3. C. A combination policy

4. D. A package policy

The correct answer is: D. A package policy

A A monocline policy and B: A valid policy are incorrect because those terms are not actually used in the insurance industry to refer to policies. A monocline insurance company is a term for an insurance company that specializes in one type of insurance. A valid policy, on the other hand, is a general term that could refer to any type of insurance policy as long as it meets the legal requirements for coverage. C: A combination policy is not specific enough to accurately describe the type of policy mentioned in the question. A combination policy could refer to any type of insurance policy that combines different coverages together. A package policy is the correct answer because it refers to a specific type of policy that combines commercial property and liability coverage into one policy. This type of policy is commonly used by businesses to simplify their insurance coverage and often includes other types of coverage as well, such as crime or