One General Liability Loss Exposure Develops as a Result of a Written

question 31

Multiple Choice

One general liability loss exposure develops as a result of a written or oral agreement to assume the legal liability of another party.A lease that specifies that the building owner is held harmless for liability arising out of use of the building is an example.This liability loss exposure is

• A)premises and operations liability.
• B)contractual liability.
• C)products and completed operations liability.
• D)contingent liability.

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Definitions:

School of Hard Knocks

An expression describing education obtained through life experiences, often involving adversity or challenges, rather than through formal academic institutions.

Decision-Making Function

The process through which decisions are made in an organization, often involving problem identification, solution generation, and choice implementation.

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The shared values, beliefs, attitudes, and practices that characterize an organization and shape its behavior and interactions.

Long-Term Benefits

Advantages or positive outcomes that occur over an extended period, often as a result of strategic planning or investment.