insurance contract under which covered perils are listed. Benefits for a covered loss are paid to the policyowner. If an unlisted peril strikes, no benefits are paid. For example, under the standard fire policy, fire is a particular listed peril. If an insured's home burns, he will be indemnified.

policy covering loss only for a named peril in the policy. For example, the Standard Fire Policy covers only the two named perils of fire and lightning. Other perils can be added by endorsement, such as theft, vandalism, malicious mischief, and burglary.