When a product name becomes generic, the product name is no longer recognized as the exclusive property of a firm
Indicate whether the statement is true or false
a. True
b. False
ANSWER: True
When a product name becomes generic, the product name is no longer recognized as the exclusive property of one firm. A generic product name identifies a product by class or type and cannot be trademarked.
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What would be the total fire insurance premium for Best Seconds if their $837,500 building belongs in structural classification D? The contents are worth $421,300 and they received an area rating of 2. (The rates per $100 are found in the book)
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A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. None of the statements are correct.