Classes of Insured Consist of Insured Who Share Similar Characteristics

question 130

Multiple Choice

Classes of insured consist of insured who share similar characteristics.____ applicants in the class may qualify for lower premiums.

• A)Standard
• B)Preferred
• C)Unacceptable
• D)Substandard

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Definitions:

Direct Labor-Hours

The total hours worked by employees directly involved in the manufacturing process, used as a base for allocating overheads.

Direct Labor Rate

The cost per hour for direct labor, typically used in calculating the total direct labor cost for a product or job.

Direct Labor Budget

A financial plan that estimates the cost of direct labor required to meet production goals within a specific period.

Direct Labor Rate

The cost per hour for direct labor applied to the production of goods or services.