Robert and Louisa Have Identified the Following Potential Loss Exposures,but

question 199

Multiple Choice

Robert and Louisa have identified the following potential loss exposures,but they are not sure whether they should purchase insurance to reduce these risks:
When Robert and Louisa prioritize their insurance choices,____ would be categorized as important,but not necessary.
1) Loss of their health,which could cause extensive medical bills and loss of income
2) Loss to their car,which would cause automobile repair or replacement
3) Liability claims related to their car,which could require them to pay for other person's losses

• A)health and disability insurance
• B)auto collision and comprehensive insurance
• C)auto liability insurance
• D)All of the losses should be categorized as necessary.

---

Definitions:

Oligopolistic Firms

Companies operating in a market structure characterized by a small number of firms controlling a large market share, often leading to limited competition.

Economic Vitality

The health and dynamism of an economy, often assessed by metrics such as growth, employment, and innovation.

Dominant Firm Model

An economic model that describes a market structure in which a single large firm has a significant market share and can influence the market price.

Fringe Firms

Smaller companies in a market that operate alongside the largest or mainstream businesses, often filling niches or offering alternative products.