Ben Is Concerned That If He Injures Someone or Damages

question 17

Multiple Choice

Ben is concerned that if he injures someone or damages someone's property he could be held legally responsible and required to pay damages.This type of risk is called a

• A)speculative risk.
• B)liability risk.
• C)nondiversifiable risk.
• D)property risk.

---

Definitions:

Audits

Examination and evaluation of an organization's or individual's financial records to ensure accuracy and compliance with laws and regulations.

Designated Beneficiary

An individual or entity chosen to receive benefits or assets upon the death of the policyholder or account holder.

Right to Change

The authority to alter or modify something, often found in contractual agreements or policies.

First-in-time Rule

A principle that establishes priority in various legal contexts, generally indicating that the first in time in taking certain actions has superior rights.