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.

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Definitions:

Oligopoly

An industry with only a small number of producers.

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, and no barriers to entry or exit, leading to optimal distribution of resources.

Perfect Competition

A market structure characterized by an infinite number of small sellers, identical products, and free market entry and exit.

Grade A Large Eggs

A classification for eggs that are of a specific quality and size, indicating freshness and shell integrity.