Question

Which type of utility refers to the financial power granted by a product?

a.

Political utility

b.

Economic utility

c.

Social utility

d.

Philosophical utility

Answer: (b).Economic utility Explanation:Economic utility pertains to the financial power granted by a product, such as increasing the financial stability of an individual, as demonstrated by gold ornaments and diamonds.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Which type of utility refers to the financial power granted by a product?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What defines the philosophical utility of a product?

Q. Which type of utility is decided by the sensory appeal of a product?

Q. What are some issues related to the policy document of insurance products?

Q. Where do many beneficiaries of insurance policies prefer to seek justice for disputes?

Q. What is the basis on which insurance would be granted in most countries?

Q. When is an insurance contract considered concluded?

Q. In what condition are insurance contracts considered valid if payment is made by cheque?

Q. What problem do insurers face with regards to 'unconcluded' contracts?

Q. Who can enter into a contract as a proposer for an insurance product?

Q. What is the minimum age requirement for a proposer to enter into a contract for an insurance product?

Q. Can a minor person enter into a contract as a proposer for an insurance product?

Q. Under what conditions can an illiterate person enter into a contract for an insurance product?

Q. What option is available for a person with a physical deformity preventing them from signing to enter into a contract for an insurance product?

Q. Who are the parties involved in a life insurance contract?

Q. What is the relationship between the proposer and the life assured in a life insurance contract?

Q. What does insurable interest mean in the context of a life insurance contract?

Q. Who has an insurable interest in their employees?

Q. What type of income stresses financial dependence and is considered for insurable interest?

Q. What properties does insurable interest have?

Q. Who is usually the beneficiary in the case of contracts where the policyholder and life assured are the same?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!