Which of the Following Insurance Policy Provisions Requires That the Insured

question 54

Multiple Choice

Which of the following insurance policy provisions requires that the insured must pay for part of the loss of a claim if the property is not insured for the specified percentage of replacement value?

• A)personal property floater
• B)an endorsement
• C)assigned risk clause
• D)umbrella coverage
• E)coinsurance clause

Identify the conditions for social optimality in the presence of externalities.

Calculate the optimal level of subsidy or tax required to achieve social optimality.

Interpret graphical representations of markets with externalities.

Understand the concept of equilibrium quantity in markets with and without externalities.

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Definitions:

Statistical Procedures

A set of steps and methods followed to organize, summarize, analyze, and interpret data to make decisions or draw conclusions.

Descriptive Measures

Quantitative assessments that provide summaries about the central tendency, dispersion, and shape of a dataset.

Generalize Results

The process of extending the findings from a study or experiment to a larger population outside of the sample studied.

Sample

A subset of individuals or observations selected from a larger population for the purpose of statistical analysis.