The Intent of Insurance Is to Indemnify an Insured

question 58

Short Answer

The intent of insurance is to indemnify an insured.Payment on a(n) _____ value basis is most consistent with the indemnity principle.

Comprehend the relationship between technological advancements and productivity.

Analyze the implications of education levels on economic growth.

Understand the impact of savings rates on productivity growth.

Recognize the role of innovation during the industrial revolution.

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Definitions:

Average Product

The output produced per unit of input, calculated by dividing total output by the number of units of input.

Law Of Diminishing Marginal Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain at a constant.

Total Output

The overall quantity of goods and services produced in an economy within a specific time frame.

Units Of Input

Quantitative measures of the resources used in the production of goods or services.