A(n) ________ Is a Clause in an Insurance Policy That

question 19

Multiple Choice

A(n) ________ is a clause in an insurance policy that provides that insurance proceeds are payable only after the insured has paid a specified amount toward the damage or loss.

• A) incontestability clause
• B) coinsurance clause
• C) exclusions from coverage clause
• D) deductible clause

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Definitions:

Soybeans

A species of legume native to East Asia, widely grown for its edible beans which have numerous uses in food, oils, and as animal feed.

Insulin

A hormone produced by the pancreas that regulates blood glucose levels by facilitating the uptake of glucose into tissues.

Monopoly

A market structure characterized by a single seller that exercises exclusive control over a particular commodity or service, preventing competition.

Oligopoly

A market structure characterized by a small number of firms whose decisions about production and pricing significantly affect each other.