Which of the Following Statements About Purchasing Cyber Liability Insurance

question 43

Multiple Choice

Which of the following statements about purchasing cyber liability insurance is true?
I.The coverage can be obtained by adding the appropriate endorsement to the general liability coverage.
II.The coverage can be obtained by purchasing stand-alone cyber liability coverage.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Inventory Liquidation

The process of selling off inventory, typically at reduced prices, to generate cash or reduce excess stock.

LIFO Cost Flow Assumption

An inventory valuation method that assumes the most recently produced or acquired items are sold first, last-in, first-out.

FIFO

First In, First Out, an inventory valuation method where the first items placed in inventory are the first sold.

Specific Identification

An inventory valuation method wherein the costs of individual inventory items are tracked and used to determine the cost of goods sold.