Insurance premiums represent:
A. the expected value of the payout the company will give to individuals who are insured.
B. more than the expected value of the payout the company will give to individuals who are insured.
C. less than the expected value of the payout the company will give to individuals who are insured.
D. peace of mind and are unrelated to the expected value of the payout the company will give to individuals who are insured.
B. more than the expected value of the payout the company will give to individuals who are insured.
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It is possible for one person to have a comparative advantage in the production of all products?
a. True b. False
Which of the following would not cause a movement along the AD curve?
a. An increase in the price level. b. A decrease in the price level. c. A change in the interest rate caused by a change in the price level. d. A change in autonomous consumption e. Both a change in the interest rate caused by a change in the price level, and a change in autonomous consumption.
The United States' economy is the largest in the world because
A.) it has a high quantity and quality of capital resources. B.) the government directs resources to the most desirable outcomes. C.) it has abundant natural and human resources. D.) Both A and C are correct.
Demand is inelastic if the price elasticity of demand is
a) less than one b) equal to one c) greater than one d) equal to zero