Which of the Following Statements Is True Regarding the Results

question 4

Multiple Choice

Which of the following statements is true regarding the results of studies by LIMRA and New York Life Insurance Company on the adequacy of life insurance owned by households in the United States?
I.The average household is adequately insured against the risk of premature death.
II.The average household is significantly underinsured against the risk of premature death.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Freedom of Enterprise

Freedom of enterprise is the principle that individuals or businesses have the right to own, operate, and profit from their own ventures in an open market with minimal government interference.

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Labor Markets

The supply of available workers in relation to available work, and the dynamics of wages, employment, and labor demand.

Unskilled Workers

Individuals who perform jobs that require limited or no specialized skills or training.