How Is Occurrence Commonly Defined in a Property Damage Liability

question 65

Multiple Choice

How is occurrence commonly defined in a property damage liability policy?

• A)As a fire or flood
• B)As an accident resulting in bodily injury or property damage.
• C)As an event that triggers a subrogation clause
• D)As an injury to the property owner occurring in the home

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Definitions:

Natural Resources

Raw materials and environmental assets that are found in nature and can be used for economic gain.

Elasticity of Demand

Estimating how much the demand for a product fluctuates in response to changes in its price.

Resource Markets

Markets in which business firms demand factors of production (for example, labor, capital, and natural resources) from household suppliers. The resources are then used to produce goods and services. These markets are sometimes called factor markets or input markets.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of selling at a specific price.