Examlex
Which of the following is a form of whole life insurance that provides a death benefit that varies with the performance of the investments of the insurance company?
Total Utility Function
A mathematical representation of the total satisfaction received from consuming a certain amount of goods or services.
Risk-Averse
A characteristic of individuals who prefer to avoid risk and would rather choose an option with a more certain but possibly lower return over an uncertain option with a potentially higher return.
Total Utility
The total satisfaction received from consuming a certain quantity of goods or services.
Increasing Marginal Utility
A situation in which each additional unit of a good or service consumed provides more utility or satisfaction than the previous one.
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