Defenses of the Insurer Include

question 66

Multiple Choice

Defenses of the insurer include:

• A)misrepresentation.
• B)judgment pro rata.
• C)concealment.
• D)Both (a) and (c) are correct.
• E)Both (b) and (c) are correct.

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Definitions:

Economic Profit

Profit calculated by subtracting both explicit and implicit costs from total revenues, showing the actual financial gain or loss.

Cost Data

Information related to the expenses incurred in the production of goods or services, including raw material, labor, and overhead costs.

Monopolistic Competition

A market structure characterized by many firms selling slightly differentiated products, allowing for some degree of market power and price control.

Trademarks

Distinctive signs, designs, or expressions that identify products or services as originating from a specific source, protected by law.