A Personal Liability Umbrella Policy Typically Includes

question 11

Multiple Choice

A personal liability umbrella policy typically includes:

• A)subsidies for flood insurance established in cooperation with a private insurance agent.
• B)added liability coverage for homeowner's and automobile insurance.
• C)coverage for only other types of vehicles such as mobile homes.
• D)the basic health and homeowner's protection needed by most families.
• E)the provision for assessment of liability by the police at the scene of the accident.

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Definitions:

Total Cost

The complete cost of production, including both fixed and variable costs, for a set level of output.

Capital

Those goods produced by the economic system that are used as inputs to produce other goods and services in the future.

Labor

The effort that people contribute to the production of goods and services in an economy, typically measured in terms of hours worked.

Production Function

A mathematical equation that describes the maximum amount of output that can be produced from a given set of inputs.