Insurance Is Defined as a Contract Whereby One Party Undertakes

question 153

True/False

Insurance is defined as a contract whereby one party undertakes to indemnify another against loss,damage,or liability arising from a contingent or unknown event.

---

Definitions:

Periodic Review

A systematic evaluation process conducted at regular intervals to assess performance or condition over a period.

Lead Time

The amount of time that elapses between the initiation of a process and its completion, often used in the context of product manufacturing or procurement.

Standard Deviation

An indicator of the spread or distribution of a data set, revealing how much the values deviate from the average.

Lead Time

The time taken from initiating a process until its completion, often used in the context of the time between ordering a product and its delivery.