Which of the Following Statements Is True of Insurance

question 48

Multiple Choice

Which of the following statements is true of insurance?

• A)It has to be paid after the risk has been encountered.
• B)It can be obtained even if one has no insurable interest in that property.
• C)It is a means of transferring and distributing the risk of loss.
• D)It cannot be modified once issued.

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Definitions:

Minority Religions

Religious groups that make up a smaller percentage of the population in comparison to the dominant religious group(s) within a particular region or country.

Ivan IV

Also known as Ivan the Terrible, the first tsar of all Russia (1547-1584), known for his tyrannical rule, territorial expansion, and establishment of the Tsardom of Russia.

Muscovy

A historical region centered around Moscow, forming the core of the Russian state from the late medieval period until the early modern era.

Serfdom

Serfdom was a form of agricultural labor prevalent in medieval Europe, where serfs were bound to the land and owned by the landowner, obligated to provide labor in return for protection and rights to cultivate certain fields.