The Words Used in an Insurance Contract Are Interpreted Against

question 1

True/False

The words used in an insurance contract are interpreted against the party who applied for the policy.

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Definitions:

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.

Consumer Surplus

The variance highlighting consumers' willingness to pay a higher amount than what is actually spent on a good or service.

Economic Signals

Indicators or pieces of information that guide economic decisions and actions by conveying important data about market conditions.

Marketplace

A physical or virtual space where buyers and sellers converge to trade goods, services, or information.