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:

Nonunion Arbitration

A process of resolving disputes outside of unionized environments, where an impartial third party makes a decision.

Arbitration Deficiencies

Shortcomings or limitations inherent in the arbitration process, often referring to issues like bias, lack of transparency, or inefficiencies in resolving disputes.

Contract Language

The specific wording and terms used in contracts that define the rights, obligations, and procedures for the parties involved.

Beck Rights

Rights stemming from a U.S. Supreme Court decision that allow union members to object to their dues being used for political or other non-bargaining activities and to pay only that portion of dues necessary for contract negotiations and administration.