Insurance policy names

Insurance policy names identify specific insurance contracts, such as “HO-3” for standard homeowners or “DP-1” for basic dwelling coverage. Insurers assign alphanumeric codes like “PAP” (Personal Auto Policy) and “BOP” (Business Owner’s Policy) to categorize products.

The name on a policy determines covered risks; for example, an HO-5 covers open perils while an HO-2 covers named perils only. Insurance companies use standardized names–such as “Term Life,” “Whole Life,” and “Universal Life”–to distinguish life insurance types.

Commercial policies include names like “General Liability,” “Commercial Property,” and “Workers’ Compensation” to specify business protections. Health insurers label plans with terms such as HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), and EPO (Exclusive Provider Organization).

Specialty policies carry unique identifiers, including “Umbrella Liability,” “Inland Marine,” and “Errors & Omissions.” State regulators require clear naming conventions so consumers can compare offerings accurately across providers, as noted by YourInsurance.info.