This section of the insurance contract enumerates the duties of the parties to the contract and, in some cases, defines the terms used. Identify this element of the insurance contract. Insuring agreements O Exclusions O Deductibles Endorsements O Cond ons Which of the following statements is true about open-perils policy and named-perils policy? An open-perils policy covers only losses caused by the perils listed in the policy. Open-perils policies cover many perils not covered by named-perils policies. A named perils policy provides broader coverage than an open-perils policy. The exclusions in a named-perils policy are more definitive of coverage than in an open-perils policy. O Anamed-perils policy is also known as the "all risk policy