What term is used to describe a grouping of related lines of insurance, such as household insurance?

The term "class of insurance" is used to describe a grouping of related lines of insurance, which includes various types that share similar characteristics or serve comparable purposes. For example, household insurance is a specific class that encompasses different policies related to the protection of homes and their contents, such as homeowners' insurance, renters' insurance, and personal property insurance.

Grouping related lines of insurance helps insurers categorize policies for underwriting, pricing, and risk assessment purposes. It allows both insurers and consumers to understand and compare products within the same category more easily. Each class may have distinct underwriting rules, coverage limits, and premium structures tailored to the risks associated with that particular type of insurance.

The other options relate to different concepts in the insurance field. "Claims made wording" pertains to specific policy language dealing with the timing of claims and coverage. "Closing" usually refers to the final step in a transaction, such as the sale of a property or a formal agreement, rather than a grouping of insurance coverage. "Business interruption" insurance is a specific type of coverage designed to protect against income loss due to unforeseen events affecting business operations, which does not encompass the broader categorization aspect.