Which of the Following Is False Regarding Marine Insurance in Scotland

question 47

Multiple Choice

Which of the following is false regarding marine insurance in Scotland?

• A) Scotland has a Marine Insurance Act in its mercantile law that addresses insurance contracts.
• B) Marine insurance policies cover most marine activities including liability to third parties in the event of difficulties while at sea.
• C) Marine insurance policies are among the most simple and easy to understand insurance policies.
• D) Marine insurance policies tend to be exacting.
• E) Before an insurer will sign a policy, the value of the item insured must be specified in the contract.

Understand the relationship between supply and market prices.

Comprehend the role of supply in market equilibrium.

Analyze the effects of input prices on the supply of goods.

Examine how changes in production technology affect market supply.

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Definitions:

Technological Advances

Developments and improvements in technology that enhance productivity, efficiency, and provide new opportunities for businesses and individuals.

Group Depreciation

A method in accounting where a collection of assets that are similar in nature and have approximately the same useful lives are depreciated as a single asset.

Salvage Value

The estimated residual value of an asset at the end of its useful life, which can be recovered through disposal or sale.

Straight-Line Method

A depreciation technique that allocates an equal amount of depreciation to each year of the asset's useful life, resulting in consistent annual charges.