Under the Homeowners 3 Policy,all of the Following Are Options

question 23

Multiple Choice

Under the Homeowners 3 policy,all of the following are options of the insurer for settling claims EXCEPT

• A)paying the claim in cash.
• B)replacing the property.
• C)repairing the property.
• D)paying the claim with insurance company stock.

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Definitions:

Barter

The direct exchange of goods and services without the use of money as an intermediary.

Money-Based Trade

Transactions involving the exchange of goods or services for money, as opposed to barter trade, where goods are exchanged directly for other goods.

Consumer Sovereignty

The concept that consumers have the ultimate control over the goods and services produced by economies based on their preferences and spending choices.

Market System

An economic organization where choices relating to the investment in, production of, and distribution of goods and services are influenced by supply and demand dynamics, and where the prices are freely set in an open market pricing system.