A Group of Farmers Agreed That If Any Farmer Suffered

question 15

Multiple Choice

A group of farmers agreed that if any farmer suffered a property loss,the loss would be spread over the entire group.In this way,each farmer is responsible for the average loss of the group rather than the actual loss that each farmer sustained.Which characteristic of insurance is embodied in this agreement?

• A)pooling of losses
• B)fortuitous losses
• C)risk avoidance
• D)indemnification

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Definitions:

Organization Direction

The strategic goals, vision, and overarching directives that guide the actions and decision-making of an organization.

Organizational Strategies

Approaches and plans implemented by a company to achieve its long-term goals, improve performance, and maintain competitive advantage.

Data Visualization

The graphical representation of information and data using visual elements like charts, graphs, and maps to help understand trends, outliers, and patterns in data.

Marketing Objective

A specific goal that a company aims to achieve through its marketing efforts, often within a set timeframe.