A "With Average" Policy Contains a ________ That Provides for Payment

question 10

Multiple Choice

A "with average" policy contains a ________ that provides for payment only if the loss exceeds a specified minimum amount.

• A) Himalaya Clause
• B) franchise clause
• C) constructive loss clause
• D) loss payee clause

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Definitions:

What Will Be Produced

A fundamental economic question that addresses the kinds of goods and services to be made available in an economy, determined by factors such as resources, technology, and consumer preferences.

Consumer Sovereignty

The idea that what consumers want influences the goods and services produced in an economy.

Conform To Consumer Demands

Adjusting product offerings, services, or business practices to meet the expectations and preferences of consumers.

Economically Efficient

A state where resources are allocated in a way that maximizes the net benefit to society, with no waste.