Insurance Is a Residual Element in Any Tort Liability Risk

question 54

True/False

Insurance is a residual element in any tort liability risk management plan.

---

Definitions:

Subcontractors

Third-party businesses or individuals hired to perform part of the work that was originally contracted by another company.

New Facilities

Refers to the construction or opening of new physical buildings or infrastructure for business or operational use.

Break-Even

is a financial term indicating the point at which costs or expenses and revenue are equal, resulting in no net loss or gain.

Total Revenue

The entire amount of income generated by the sale of goods or services before any deductions are made.