What Provide for Monetary Compensation to Third Parties for Failure

question 58

Multiple Choice

What provide for monetary compensation to third parties for failure by the insured to perform specifically covered acts with in a state period?

• A) Worker compensation pools
• B) Multiple perils
• C) Surety bonds
• D) Inter-insurance act

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Definitions:

Marginal Social Benefit

The extra advantage that the entire society gains from using an additional unit of a product or service.

Public Good

A product that is non-excludable and non-rivalrous in consumption, meaning it is available to all members of society without depletion.

Nonrival

Refers to a good where one person's use does not reduce the amount available for others.

Nonexcludable

A characteristic of goods where it is difficult or impossible to prevent people from using the good once it has been provided.