James is planning to insure his commercial policy. In looking over two quotes and comparing some of the policy language to his own personal policies, he has become very confused regarding the different types of deductibles. He asks you, as a certified financial planner, which of the following deductibles are typically used in commercial property insurance?

  1. Straight deductible (per occurrence)
  2. Aggregate deductible
  3. Calendar-year deductible

Your response is:

  1.  1 only
  2.  2 only
  3.  1 and 2 only .
  4.  1 and 3 only
  5.  1, 2 and 3