Which of the Following Is a Characteristic of Most Inland

question 47

Multiple Choice

Which of the following is a characteristic of most inland marine floater policies?

• A)The insurance can be tailored to the specific type of personal property insured.
• B)Coverage amounts are pre-specified by the insurer and cannot be changed.
• C)Coverage is normally written on a named-perils basis.
• D)Covered property is insured only when it is at a specified location.

---

Definitions:

Total Utility

The total satisfaction received from consuming a certain quantity of a good or service.

Substitution

The act of replacing one good or service with another in response to changes in price or preference, affecting consumer choices and market demand.

MU/P

Refers to the marginal utility per price, a concept in economics that describes the additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service, relative to its price.

Process Innovation

The implementation of a new or significantly improved production or delivery method.