Directions: Choose the Best Answer Based on the Information You

question 9

True/False

Directions: Choose the best answer based on the information you read in Chapter 3.
​ When taking notes on what you read, you should use your own words as much as possible.

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Definitions:

Face Value

The nominal or stated value of a financial instrument or document, such as a bond or stamp, not necessarily its market value.

Premiums

The amount of money charged by an insurance company for active coverage.

Fire Insurance

A type of property insurance that covers damage and losses caused by fire.

Material Change

Refers to a significant alteration in the circumstances or conditions of a contract, agreement, or situation, often requiring adjustments or considerations due to its impact.