What type of insurance policy covers multiple insurances in a single document, such as property and liability?

The correct answer is the package policy. A package policy is designed to include several types of coverage within a single insurance policy. This typically consolidates various coverages, such as property and liability insurance, into one cohesive document. The benefits of such a policy include streamlined management, potentially lower premiums due to bundling, and comprehensive protection for the insured.

In contrast, other options like split coverage policy and combined policy may imply distinctions that are not as commonly recognized in standard insurance terminology. Split coverage might suggest a policy divided between different types of coverage without a true melding of protections. A combined policy may indicate a joining of separate policies, but it does not emphasize the bundling aspect in the same way a package policy does. Multi-policy refers more to purchasing multiple separate policies from one insurer, which doesn’t necessarily imply they are included in a single document. Thus, the package policy is the most accurate term to describe a single document that covers multiple types of insurance.