Identifying in an Insurance Policy the Specific Perils Covered Is

question 55

Multiple Choice

Identifying in an insurance policy the specific perils covered is a(n) _____ approach.

• A) no-risk
• B) named-peril
• C) coinsurance
• D) all-risk

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Definitions:

Variable Input

Variable input refers to a production factor that can be adjusted in the short term to increase or decrease production output.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its capacity to adjust fully to changes in market demand.

Short Run

A time period in economics during which at least one factor of production is considered fixed, limiting the ability of the economy or firm to adjust to changes.

Fixed Inputs

Inputs in the production process that cannot be easily increased or decreased in the short run, such as land or machinery.