Unlike the Open Perils Protection for the Dwelling and Other

question 68

True/False

Unlike the open perils protection for the dwelling and other structures, personal property is covered against direct loss on a named perils basis.

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Definitions:

Cost of Goods Sold

Direct costs attributable to the production of the goods sold by a company, including materials and labor costs.

Raw Materials

Basic, unprocessed inputs used in manufacturing or production processes to create finished goods.

Indirect Materials

Materials used in the production process that cannot be directly traced to a finished product.

Employer Payroll Taxes

Taxes that employers are required to pay on behalf of their employees, including Social Security and Medicare taxes in the United States.