Under the No-Fault Concept, First-Party Benefits Such as PIP Are

question 42

True/False

Under the no-fault concept, first-party benefits such as PIP are provided with regard to fault as a way to encourage legal battles.

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Definitions:

Value Added

The increase in the value of a product or service as it passes through each stage of production or supply chain.

Marginal Productivity

The extra output or benefit gained from increasing one unit of a particular resource while keeping other resources constant.

Income Distribution

The way in which total income is divided among individuals or households in an economy.

Labor

The human effort, both physical and mental, used in the production of goods and services.