Kevin Has Three Liability Policies Which Provide for Contribution by Equal

question 27

Multiple Choice

Kevin has three liability policies which provide for contribution by equal shares if other insurance applies to a loss.How much will each policy pay for a $3,000,000 liability judgment if policy A provides $500,000 of coverage,policy B provides $1,000,000 of coverage,and policy C provides $3,000,000 of coverage?

• A)Each policy will pay $500,000,and Kevin must pay the remaining $1,500,000.
• B)Policy A will pay $500,000,policies B and C will each pay $1,000,000,and Kevin must pay the remaining $500,000.
• C)Policy A will pay nothing,policy B will pay $1,000,000,and policy C will pay $2,000,000.
• D)Policy A will pay $500,000,policy B will pay $1,000,000,and policy C will pay $1,500,000.

Understand the historical and theoretical foundations of the International Monetary Fund (IMF) and its evolving role in the global economy.

Grasp the basic concepts and importance of specialization and exchange in modern economies.

Comprehend the basis and benefits of international trade for individual nations.

Recognize the impact of U.S. self-sufficiency and export-import dynamics through history.

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Definitions:

Inequity

The lack of fairness or justice in situations, especially regarding treatment or distribution of resources.

Self-actualized

The state of realizing and fulfilling one's talents, potential, and capabilities, often considered the peak of personal development.

Intrinsic Motivation

The internal drive to perform an activity for its own sake, deriving pleasure and satisfaction from the activity itself rather than external rewards.

Challenging Job

A job role that demands high levels of skill, effort, and perseverance, often leading to personal and professional growth.