temperature settings on my Electric Stove. I do not own a gas stove In cooking a Beef Bone Stock on my electric stove top, the recipe calls for long cook time of 24 hours at temperature set at simmer.  

It's been claimed to simmer on a electric stove top is NOT ideal bc the temperature setting "simmer" on the electric stove top is to be used to keep food cooking "warm" and NOT ideal to use for simmering sock.

Is the above correct? Does this mean I cannot cook my Beef Bone Stock on
my electric stove top in my stock pot?
Any setting on a stove is a relative estimate. The energy it puts out will have different effects on different sizes of pots and what is in it.

You should get your pot on the stove, bring it just to the boil on a higher setting, then reduce the heat a little at a time.

You will get to a setting where the broth is just barely bubbling. This is simmer, regardless of what the knob says.

And, as another comment said, monitor and add water for a 24 hour cook time.