Using the table below,identify and explain the four factors of production and the names given to payments received by each.
Definitions:
Insurance Policy
A contract between an insurance company and the policyholder which outlines the terms, coverage, and conditions under which the insurer agrees to compensate the insured for losses.
Impartial
Not biased, fair; not favoring one side over another.
Insurable Interest
Insurable Interest is a principle requiring that a person purchasing insurance has a stake in the safety and protection of the insured object or individual against loss or damage.
Fraud
Fraud refers to wrongful or criminal deception intended to result in financial or personal gain.
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