From the Standpoint of the Insurer,which of the Following Is

question 35

Multiple Choice

From the standpoint of the insurer,which of the following is a characteristic of an ideally insurable risk?

• A)The loss must be intentional.
• B)There must be a small number of unique loss exposures.
• C)The chance of loss must be calculable.
• D)The loss must be indeterminable.

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Definitions:

Fiduciary Duty

A legal obligation of trust requiring an individual to act in the best interests of another party, often seen in the context of trustees, guardians, and financial advisors.

Shareholders

are individuals or entities that own shares in a corporation, giving them partial ownership and possibly the right to vote on corporate matters.

Management

The process of directing, controlling, and overseeing the operations and activities of a business or organization.

Revised Act

An updated or modified version of a law or statute that reflects current needs and circumstances, incorporating new amendments or corrections.