Which One of the Following Is True Concerning Consideration in Property

question 14

Multiple Choice

Which one of the following is true concerning consideration in property insurance?

• A)dollars must change hands from the insured to the insurer before a contract exists
• B)the only valid consideration is cash payment of all premiums in full
• C)abiding by the contractual language and paying the premium is the consideration the insured provides
• D)if the premium is not paid at the time of a loss, the insured is given a 30 day grace period to pay

Identify the fundamental functions of management (planning, leading, organizing, controlling) and their importance in achieving organizational goals.

Comprehend the roles and characteristics of a successful manager and leader within an organization.

Grasp the concept of delegation and its significance in management.

Understand the role of motivation in management and the factors that influence it.

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Definitions:

Statement

A formal record that summarizes financial activities or conditions, such as an income statement, balance sheet, or cash flow statement.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity.

Disclosures

The act of making new or secret information known, typically in a formal report.

Financial Accounting Standards Board (FASB)

The private sector body given the primary responsibility to work out the detailed rules that become generally accepted accounting principles.