The Purpose of the _____ Provision Is to Enable the Owner

question 14

Multiple Choice

The purpose of the _____ provision is to enable the owner of the policy to designate to whom the proceeds shall be paid when the insured dies.

• A)common disaster
• B)payment of benefits
• C)assignment
• D)reinstatement
• E)survivorship

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Definitions:

Price Decrease

refers to a reduction in the cost of a good or service, which can lead to an increase in demand due to the law of demand, assuming other factors remain constant.

Unit Elastic

A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total amount of money generated by the sale of goods or services before any costs are deducted.

Unit Elastic

A situation where a percentage change in price leads to an equal percentage change in quantity demanded or supplied.