Examlex

Solved

An Insurer Will Issue an Umbrella Policy Only If a Stipulated

question 36

True/False

An insurer will issue an umbrella policy only if a stipulated minimum amount of basic coverage on other insurance policies has been purchased by the insured.


Definitions:

Market Price

The present cost at which a product or service is available for purchase or sale in the marketplace.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period.

Industry Demand

The total demand for all the products or services produced by a particular industry.

Related Questions