A Difference Between a Contract Issued on a "Named Peril

question 1

Multiple Choice

A difference between a contract issued on a "named peril" basis versus an "open peril" or "all-risk" basis is:

• A) the "named peril" contract usually covers more perils
• B) the "named peril" contract is usually more expensive than the "open peril" contract
• C) in the "named peril" contract the insured must prove the peril is covered where in the "open peril" contract the burden of proof is on the insurer to show no coverage
• D) in the "open peril" or "all risk" contract there are no exclusions to loss

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Definitions:

Monopoly Supply Curve

A theoretical concept indicating that a monopoly does not have a traditional supply curve because its output decision depends on the demand it faces and its cost structure.

Average Variable Costs

The total variable costs of production divided by the quantity of output produced.

Demand Changes

Variations in the desire or need for a product or service, influenced by factors like price, income levels, and consumer preferences.

Price

The value that must be exchanged to obtain a good or service.