All of the Following Statements About Yacht Insurance Are True

question 32

Multiple Choice

All of the following statements about yacht insurance are true EXCEPT

• A)Property damage coverage includes damage from insects,weathering,and wear and tear.
• B)Liability coverage includes the cost of raising,removing,or destroying a sunken or wrecked yacht.
• C)Coverage can be added for maritime workers covered by the United States Longshoremen and Harbor Workers Compensation Act.
• D)Medical payments coverage pays for medical expenses because of accidental bodily injury.

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Definitions:

Labor Cost

The total expenditures for wages, benefits, and payroll taxes that employers incur in compensation for the work performed by their employees.

Derived Demand

The demand for a resource; it stems from the demand for the final good the resource helps produce.

Input Demand

The requirement for resources and materials necessary to produce goods and services.

Output Demand

The quantity of a product or service that consumers are willing and able to purchase at various price points.