A Table Showing Losses That Could Occur and the Corresponding

question 4

Multiple Choice

A table showing losses that could occur and the corresponding chance that each loss could occur is called a(n)

• A)underwriting cycle.
• B)capital budget.
• C)loss distribution.
• D)risk map.

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Definitions:

Married Filing Jointly

A filing status for married couples that have chosen to combine their income and deductions on a single tax return.

Divorced

A marital status indicating that a person has legally ended their marriage.

Income Tax Return

A document filed with a tax authority that reports income, expenses, and other pertinent tax information, used to calculate tax liability.

Basic Standard Deduction

The preset amount subtracted from income that is not subject to federal income tax, differing by filing status and not requiring itemization.