Void Ab Initio Means

question 49

Multiple Choice

Void ab initio means

• A)void at the option of the insurer
• B)void at the option of the insured
• C)void at the option of the court
• D)void at the beginning

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Definitions:

Departmental Overhead Rates

The allocation of indirect costs to specific departments within a company, often used to more accurately assign total overhead costs to production activities.

Direct Labor Hour

The amount of time spent by workers directly manufacturing a product or providing a service, often used in costing and operational efficiency analysis.

Molding Department

A specialized manufacturing sector responsible for shaping materials using rigid frames or models called molds.

Overhead Rate

A measure used to allocate the costs of indirect expenses to specific cost objects based on a certain base, such as labor hours or machine hours.