ABC Insurance Retains the First $1 Million of Each Property

question 47

Multiple Choice

ABC Insurance retains the first $1 million of each property damage loss and purchases insurance for that part of any property loss that exceeds $1 million.The insurance for property losses above $1 million is called

• A)excess insurance.
• B)liability insurance.
• C)coinsurance.
• D)primary insurance.

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Definitions:

Formal Tone

A style of communication that is professional, structured, and adheres to conventional grammatical rules, often used in business or academic settings.

Mechanics

The conventions of language that ensure clarity and correctness in writing, including spelling, punctuation, and grammar.

Proofreading Stage

The final review process of a text to correct typographical, grammatical, spelling, and formatting errors.

Business Report

A structured document that provides information and analysis to support business decisions or present research findings.