The Gross Premium Is Defined as

question 23

Multiple Choice

The gross premium is defined as

• A)the net premium plus the loading allowance.
• B)the terminal reserve plus the commission.
• C)the net premium minus expenses.
• D)the sum of all acquisition expenses.

---

Definitions:

Comparative Advantage

The ability of a country or individual to produce a good or service at a lower opportunity cost than competitors.

Opportunity Cost

The cost of choosing one option over another, typically expressed as the value of the forgone alternative.

Output

The quantity of goods or services produced within a given timeframe.

Thinking At The Margin

The concept involves making decisions based on the additional benefit or cost of the next unit of production or consumption.