A Fire Insurance Policy Is Assignable Without the Insurer's Consent

question 12

True/False

A fire insurance policy is assignable without the insurer's consent because the policy "runs" with the insured property.

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Definitions:

Least-Squares Regression

A statistical technique used to determine the line that best fits a set of data points, minimizing the sum of the squares of the differences between the observed and estimated values.

Variable Cost

Expenses that change in direct proportion to the amount of production or the quantity of output generated.

Fixed Cost

Costs that remain constant in total despite changes in the levels of production or output within a certain range.

Variable Cost

Expenses that vary directly with the level of production or sales volume.