A Special Coverage Policy Is a Policy That

question 17

Multiple Choice

A special coverage policy is a policy that

• A)has no exclusions.
• B)provides open-perils coverage.
• C)provides coverage under special conditions.
• D)has coverage for multiple lines of insurance.

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Definitions:

Monopoly Profits

Excess profits earned by a monopoly as a result of having exclusive control over a market and the ability to set higher prices.

Profit-Maximizing

The method or plan of altering manufacturing and sales activities to maximize profit.

Marginal Cost

The expense incurred from manufacturing an extra single unit of a service or product.

Monopolist

A monopolist is a market participant who has exclusive control over the supply of a particular good or service, setting prices with minimal competition.