Choose the One Most Appropriate Answer for Each

question 3

Multiple Choice

Choose the one most appropriate answer for each.
-describes a policy that covers all perils, except those excluded in writing

• A)all-risks policy
• B)actual cash value
• C)broad form (HO-2)
• D)endorsement
• E)flood insurance
• F)form HO-4
• G)form HO-6
• H)homeowner policy
• I)homeowner's warranty
• J)inflation guard
• K)insurable interest
• L)insurance premium
• M)insured
• N)medical payments
• O)new for old
• P)old for old
• Q)peril
• R)public liability
• S)tenant's policy
• T)worker's compensation policy

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Definitions:

MC Curve

Stands for Marginal Cost Curve, depicting the cost of producing one additional unit of a good.

Shut-down Point

The level of operations at which a company's revenue is exactly equal to its variable costs, and it is indifferent between continuing operations and shutting down.

Economic Profit

The deviation between complete revenue and cumulative liabilities, including both named and unnamed expenses.

Average Total Cost

The cost per unit of output, calculated by dividing the entire cost of production by the total quantity produced.