All the Following Features Are Unique to Insurance Contracts (Versus

question 82

Multiple Choice

All the following features are unique to insurance contracts (versus other business contracts) except:

• A) insurable interest
• B) subrogation
• C) utmost good faith
• D) consideration

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Definitions:

Regressive Tax

A levy where the rate diminishes as the taxable amount grows.

Payroll Tax

Fees levied on employers or their employees, customarily figured as a percentage of what staff are paid.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, representing the percentage of tax applied to your next dollar of taxable income.

Gross Domestic Product

The total value of all goods and services produced over a specific time period within a country's borders.