Who Is the Person That Is Named on an Insurance

question 72

Multiple Choice

Who is the person that is named on an insurance policy that will receive the insurance proceeds in the event of an injury or damage?

• A) Payee
• B) Receiver
• C) Insured
• D) Beneficiary
• E) Payor

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Definitions:

Competitive Markets

Markets characterized by a high level of competition where no single buyer or seller can influence prices significantly, leading to efficient distribution of resources.

General Welfare

General welfare refers to the overall health, prosperity, and happiness of a population.

Invisible Hand Principle

Adam Smith's concept that individuals' self-interested actions can lead to positive social and economic outcomes, guided as if by an invisible hand.

Economic Welfare

The overall well-being and standard of living of people in an economy, typically measured by indicators like wealth, health, and happiness, alongside economic factors.