Concern About the Replacement Value Is Considered in Which Principle

question 97

Multiple Choice

Concern about the replacement value is considered in which principle of a sound insurance program?

• A) Identify business risks that can be insured.
• B) Secure insurance coverage for all major potential losses.
• C) Consider the feasibility and affordability of insuring smaller potential losses.
• D) Review and evaluate.

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Definitions:

Maslow

A rephrased definition: Psychologist Abraham Maslow, known for formulating the Hierarchy of Needs theory that describes human motivation through various stages of needs.

Unconscious Motives

Drives or desires that influence an individual's behavior without their conscious awareness.

Vague Description

A statement or explanation that lacks clarity and detail, often resulting in ambiguity or misunderstanding.

Personal Values

Core beliefs or standards that guide and motivate attitudes and actions.