In the Conventional Practice of Insurance Business

question 57

Multiple Choice

In the conventional practice of insurance business:

• A) the insurance company is a profit-making entity which agrees to bear the financial burden and losses of its policyholders
• B) the shareholders own the company and are entitled to receive any profit and bear the burden of any deficit recorded at the end of the financial year
• C) there is no restriction in investment of funds
• D) all of the above

Recognize the roles and obligations of parties in transactions involving negotiable instruments.

Grasp the concept of value and good faith in the context of negotiable instruments.

Explain the shelter principle and its application in negotiable instrument law.

Understand the effects and legal consequences of indorsing negotiable instruments, including liability and transfer of rights.

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Definitions:

Separate Facilities

Spaces or services provided separately for different groups of people, often based on race, gender, or other social categories, historically associated with discrimination.

Internalized Racism

The personal conscious or subconscious acceptance of the racial stereotypes and biases of the dominant culture, causing individuals to act against their own ethnic group.

Minority Group Members

Individuals belonging to a sociodemographic group that experiences discrimination, social disadvantage, or is numerically less than the majority group within a society.

Prejudiced

A preconceived opinion or judgment about someone or something that is not based on reason or actual experience, often manifesting in negative or discriminatory beliefs.