Assume That the Physical Property of a Business Is Valued

question 42

Multiple Choice

Assume that the physical property of a business is valued at $50,000. The company's commercial property policy contains a coinsurance clause with a stated percentage of 80 percent. The company insures the property for $30,000 (75 percent of the specified minimum) . The company incurs a fire loss of $20,000. How much of the loss will the insurance company pay for?

• A) $0
• B) $15,000
• C) $20,000
• D) $10,000

Define and differentiate between primary, secondary, and reference groups.

Understand the role of interdependence in group dynamics.

Evaluate the impact of group membership on individual identity and behavior.

Analyze the influence of cultural contexts on group processes and interactions.

---

Definitions:

Take Initiative

The act of taking the first step or move in a situation without waiting for others to act.

Shared Ownership

A form of property ownership where multiple parties hold rights to use or possess property, often seen in businesses and real estate.

Tight Control

A management approach that relies on closely monitoring and controlling organizational activities and processes.

Production-Centred

Focused or centered around the production or manufacturing process within an organization.