Which of the Following Items Is NOT a Benefit of Standard

question 41

Multiple Choice

Which of the following items is NOT a benefit of standard insurance policies?

• A)smaller insurers can offer cheaper insurance than larger companies if standard policies are used
• B)litigation should be reduced as policy meaning becomes understood
• C)consumers are more likely to learn the meaning of standard policies
• D)data collection and loss rate computation are easier and more accurate

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Definitions:

Optimal Solution

The best possible outcome from a set of choices, often found through specific methodologies in decision-making processes.

Improvement Indices

Metrics or indicators used to measure and track the effectiveness of improvements or changes made within a system or process.

Northwest-Corner Rule

A method used in transportation problems of operations research to find an initial feasible solution by allocating supplies to demands starting from the northwesternmost position.

Transportation Modeling

A method used to represent and analyze the movement of goods or services across a network, aiming to optimize routes, minimize costs, or improve efficiency.