When You Call an Insurance Agent for Insurance on Your

question 37

Multiple Choice

When you call an insurance agent for insurance on your new automobile and the agent provides coverage, there is an offer to buy and the agent has accepted the offer on behalf of his or her company.This acceptance is called:

• A)an estoppel.
• B)a duress.
• C)an escrow.
• D)a binder.
• E)a waiver.

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Definitions:

Boston Pizza

A Canadian-based chain of restaurants that specializes in pizza, pasta, and a variety of other casual dining menu items.

Wheel Of Retailing

A theory suggesting that retail businesses start with low prices and minimal services, gradually adding services and increasing prices as they grow.

Low Prices

The condition of goods or services being offered for sale at a reduced or comparatively lower cost.

Low Margins

Refers to a small difference between the cost to produce and sell a product and the price at which it is sold, indicating lower profitability.