If an Insured Has Fully Insured the Property with Two

question 32

Multiple Choice

If an insured has fully insured the property with two different insurers:

• A)the insurer with which the policy was first taken out must cover the claim.
• B)the insurer with which the policy was last taken out must cover the claim.
• C)the insurer must make an election as to which insurer to bring the claim with and that insurer can seek a pro rata contribution from the other insurer.
• D)the insured can recover the full amount of the loss from both insurers.

Recognize the relationship between specialization and economic efficiency, and how specialization leads to increased total output.

Understand how the production possibilities frontier can demonstrate the limitations and potential of production given current resources.

Identify circumstances under which individuals and countries benefit from trade, even when one party is more efficient in all areas of production.

Analyze scenarios of interdependence and understand the economic implications of these relationships in terms of production and consumption.

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Definitions:

Protonephridia

Protonephridia are excretory structures found in some invertebrates, functioning in osmoregulation and waste removal.

Tubules

Small tube-like structures in organisms, often found in organs such as kidneys, where they play a role in the transport and processing of bodily fluids.

Highly Soluble

Describes a substance that is capable of being dissolved to a great extent in a given solvent.

Ammonia

A compound of nitrogen and hydrogen with the formula NH3, which is a colorless gas with a characteristic pungent smell.