Which of the Following Statements Is True About an Insurable

question 27

Multiple Choice

Which of the following statements is true about an insurable interest?

• A)It is not relevant when an insurable interest is created.
• B)Both the buyer and seller can insure themselves for potential damage to goods
• C)Only the seller can insure itself for potential damage to goods.
• D)An insurable interest is the right to insure goods in one's possession.
• E)Only the buyer can insure itself for potential damage to goods.

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Definitions:

General Equilibrium

A condition in an economy where all markets are in equilibrium simultaneously, and there are no external forces causing shifts in supply and demand.

Equilibria

The condition in which all competing influences are balanced in a wide variety of contexts, including economics where supply equals demand.

Markets

Systems, institutions, or environments where buyers and sellers interact to exchange goods, services, or information.

Technological Change

Adjustments or improvements in the method of production, invention, and innovation in processes that often lead to increased productivity.