This Clause Has Two Provisions

question 26

Multiple Choice

This clause has two provisions.First, it requires you to carry an amount of insurance equal to a specified percentage of the value of the property if you wish to be paid the amount of loss you incur in full, and second, it stipulates a proportional payment of loss for failure to carry sufficient insurance.Identify this clause.

• A)Coinsurance
• B)Waiver
• C)Deductible
• D)Duress
• E)Estoppel

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Definitions:

Labor Productivity

Total output divided by the quantity of labor employed to produce it; the average product of labor or output per hour of work.

Average Total Cost Curve

A graphical representation showing how the average total cost of producing a good changes as the quantity produced varies.

Total Variable Cost

The entirety of costs that vary directly with the level of production or service delivery, such as materials and labor, contrasted with fixed costs which remain constant regardless of production levels.

Total Cost

Total cost encompasses the entire expense incurred for producing a specific quantity of goods or services, including both fixed and variable costs.