An Automobile Insurance with the Omnibus Clause Is Called an Umbrella

question 29

True/False

An automobile insurance with the omnibus clause is called an umbrella insurance policy.

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Definitions:

Demand For Labor

The total amount of workers that employers want to hire at a given wage rate and time period.

Opportunity Cost

The loss of potential gain from other alternatives when one option is chosen.

Accounting Profits

The difference between total revenue and explicit costs of a business, calculated using principles of accounting.

Economic Profits

The surplus left after total costs (including both explicit and implicit costs) are subtracted from total revenues.