Where Two or More Insurers Properly Pay Out Funds Against

question 10

Multiple Choice

Where two or more insurers properly pay out funds against a loss to an insured, it is as a result of

• A) subrogation.
• B) contribution.
• C) co-insurance.
• D) endorsements.
• E) None of the responses are correct.

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Definitions:

Non-Competing Groups

Refers to segments of the labor market where workers do not directly compete with each other due to differences in skills, qualifications, or other barriers to mobility.

Real Wages

Wages adjusted for inflation, representing the purchasing power of income earned from labor.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Economic Rent

The excess payment made to or income received by a factor of production over what would be needed to keep that factor in its current use.