Losses That Are Accidental Make Prediction Difficult, Cause Coverage to Be

question 29

True/False

Losses that are accidental make prediction difficult, cause coverage to be expensive, and represent circumstances in which coverage would be contrary to public policy.

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Definitions:

Barrier to Entry

Factors or conditions that prevent new competitors from easily entering an industry or area of business.

Red Beryl

A rare mineral that is red in color and is composed of beryllium, aluminum, and silicate.

Monopoly Power

The ability of a single seller in a market to control the prices of goods or services, usually due to lack of competition.

Local Water Company

A utility firm responsible for the supply and management of water within a specific local area.