The ________ Method to Settle Claims Is Based on the Current

question 61

Multiple Choice

The ________ method to settle claims is based on the current replacement cost of a damaged or lost item less depreciation.

• A)replacement value
• B)actual cash value
• C)umbrella
• D)endorsement
• E)personal property floater

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Definitions:

Lottery Tickets

Pieces of paper or digital receipts purchased in hopes of winning a large sum of money through a process of random selection.

Production Possibilities Curve

A graphical representation that shows the maximum quantity of one good that can be produced for every possible quantity of another good produced, given available resources and technology.

Decreasing Opportunity Costs

A situation in which the opportunity costs of resources decrease as more of a good is produced.

Increasing Opportunity Costs

A situation where increasing production of one good requires larger and larger sacrifices in the production of another good due to limited resources.