All of the Following Statements About Liability Coverage Under the Businessowners

question 7

Multiple Choice

All of the following statements about liability coverage under the businessowners policy are true EXCEPT

• A)Liability arising out of personal injury is covered as part of the insuring agreement.
• B)Medical payments coverage is provided.
• C)Employees acting within the scope of their employment are excluded from coverage.
• D)Coverage is included for the legal costs of defending the insured.

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Definitions:

Elasticity of Demand

This indicates the responsiveness of the quantity demanded of a good to a change in its price; it's another way to describe how variation in price affects consumer demand.

Supply of Computers

The total quantity of computers that producers are willing and able to sell at a given price level.

Ratio of Labor Cost

A financial metric that measures the total labor costs in relation to another metric, often used to assess efficiency or productivity.

Least-Costly Combination

An economic principle that describes the mix of factors of production (like labor and capital) that minimizes cost for a certain level of output.