Demand-Based Pricing Is Another Name for Cost-Based Pricing

question 340

True/False

Demand-based pricing is another name for cost-based pricing.

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Definitions:

Insurer Duty

The obligations that an insurance company has toward its policyholders, including the duty to act in good faith and to pay valid claims.

Incontestability Clause

A clause in a policy for life or health insurance stating that after the policy has been in force for a specified length of time (usually two or three years), the insurer cannot contest statements made in the policyholder’s application.

Insurance Policy

A contract between an insurer and a policyholder that outlines the terms and conditions under which the insurer agrees to compensate for specific losses.

Eligibility

Refers to the suitability or qualifications required to be selected or to participate in something, often used in contexts of programs, benefits, or competitions.