Business, 16.03.2020 20:28 marlenerojas201

Jennifer purchased a house in a brand new development in the outskirts of town. When her house was built, the nearest fire department was nearly 20 miles away. As her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. What effect will the new fire station have on her homeowners insurance premium? a. A new fire department will be more demanding on local taxes. Her annual premium will go up. b. The location of a fire department has no bearing on the value of her house. Her annual premium will stay the same. c. The new fire department will reduce the risk of financial loss in her home. Her annual premium should decrease. d. With a fire department so close (less than 5 miles), financial risk on Jennifer’s home practically disappears. She will not need to pay insurance anymore. Please select the best answer from the choices provided A B C D

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Answer from: kolin89

c. The new fire department will reduce the risk of financial loss in her home. Her annual premium should decrease.

Explanation:

When she first bought the house, the Fire Department was quite far away meaning that should her house catch fire, they would take too long to get to her house and the risk damage to her house is huge. Because of this, the Insurance company will charge her a higher premium.

With a Fire Department now just 1.5miles away, should her house catch fire, the Fire Department can arrive on time and potentially limit the damage to the house thus driving down the risk of the house suffering too much damage in the event of a fire. This will lead to her premiums dropping since the house is now LESS AT RISK.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

You can put most money would be invested in innovation by economic convergence

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Jennifer purchased a house in a brand new development in the outskirts of town. When her house was b...

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