Mars, Inc, Maker of M&Ms and Other Candy, Is 100 Percent

question 33

Multiple Choice

Mars, Inc., maker of M&Ms and other candy, is 100 percent owned by the Mars family and is therefore referred to as a(n)

• A) open corporation.
• B) public corporation.
• C) syndicate.
• D) cooperative.
• E) closed corporation.

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Definitions:

Antilapse Clause

A provision in a will or estate plan designed to determine what happens to a beneficiary's gift if the beneficiary predeceases the testator.

Life Insurance Policy

A contract between an individual and an insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the policyholder.

Premium

In insurance law, the price paid by the insured for insurance protection for a specified period of time.

Fire Insurance Policy

A contract that provides compensation for damage or loss caused by fire to properties, subject to terms and conditions of the policy.