Greg Obtains from Helpful Insurance Company a Policy That Provides

question 48

Multiple Choice

Greg obtains from Helpful Insurance Company a policy that provides that Greg has thirty days after a premium's due date to pay it before the policy will be canceled. This is

• A)a multiple insurance clause.
• B)an antilapse clause.
• C)an appraisal clause.
• D)an incontestability clause.

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Definitions:

Short Run

A time period in which at least one factor of production is fixed, limiting the ability of firms to adjust to market changes.

Long Run

A period in which all factors of production and costs are variable, allowing full industry adjustment.

Labor Supply

Refers to the total hours that workers or the labor force are willing to work at a given wage rate.