______Is a Prediction Concerning Potential Loss Based on Known and Unknown

question 59

Multiple Choice

______is a prediction concerning potential loss based on known and unknown factors.

• A) Risk management
• B) Insurance
• C) Underwriting
• D) Risk

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed to be enforceable.

Oral Contract

A verbal agreement between parties that is legally binding, though more difficult to enforce than written contracts due to the lack of physical evidence.

Voidable

A transaction or agreement that is legally valid but may be annulled or voided at the discretion of one of the parties involved.