In Order to Claim on a Policy, an Insured Must

question 27

Multiple Choice

In order to claim on a policy, an insured must be able to show that:

• A) They have suffered a loss because of the damage to or destruction of the property insured.
• B) They have an insurable interest in the property insured.
• C) They have either a legal or an equitable interest in the property insured.
• D) They are the owner of the property insured.

---

Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

Labor-Intensive

A term describing a process or industry that requires a large amount of labor to produce its goods or services as compared to the amount of capital required.

Comparative Advantage

The capacity of a being to generate a product or offer a service at a reduced opportunity cost in comparison to another.

Cars

motor vehicles with wheels designed primarily for the transport of people rather than goods.