What Type of Insurance Would Provide Payment in Circumstances Where

question 10

Multiple Choice

What type of insurance would provide payment in circumstances where the insured is held legally responsible for causing the loss or damage to a third party?

• A) business interruption insurance
• B) property insurance
• C) life and disability insurance
• D) liability insurance

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Definitions:

Industrial Revolution

The period in England during the late eighteenth and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.

Great Migration

The movement of over six million African Americans from the rural Southern United States to urban areas in the North and West from about 1916 to 1970, seeking better job opportunities and living conditions.

Wealth Of Nations

A seminal book by Adam Smith that analyses the nature and causes of the wealth of nations, laying the foundations of classical economics.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing between options.