For a whole life policy, the policy holder pays
A) premiums based on current interest rates.
B) a constant premium.
C) premiums that vary with mortality risk.
D) constantly declining premiums.
B
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Consider a short-run equilibrium in a perfectly competitive market. Suppose that the firms' average total cost and marginal cost schedules differ. In the short run,
A) all firms in the market must be able to make an economic profit. B) all firms produce equal amounts of output. C) some firms might incur an economic loss, but still produce output. D) some firms might make an economic profit and, as a result, shut down. E) all firms in the market must be able to make either positive or zero economic profit.
The slope of a line is the
A) change in the values along the x-axis divided by the change in the values along the y-axis. B) values on the x-axis divided by the values on the y-axis. C) change in the values along the y-axis divided by the change in the values along the x-axis. D) values on the y-axis divided by the values on the x-axis.
Financial institutions that receive most of their funds from the savings of the public are
A) the fiduciary monetary system. B) the world index fund. C) universal banking. D) thrift institutions.
The production of agricultural products such as wheat or corn would best be described by which market model?
A. Pure competition B. Pure monopoly C. Monopolistic competition D. Oligopoly