The Confidence Level in a Sampling Plan Is Defined as the

question 21

Multiple Choice

The confidence level in a sampling plan is defined as the

• A) degree of uncertainty that the selected sample contains at least one example of any errors that are present
• B) degree of certainty that the selected sample contains at least one example of any errors that are present
• C) lowest performance level that can be considered acceptable for the function being audited
• D) maximum error rate that can be considered acceptable for the function being audited

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Definitions:

Increase Of Hazard Clause

A provision in insurance policies allowing the insurer to void the policy if the risk insured against significantly increases.

Punitive Damages

Punitive Damages are monetary compensations awarded in civil cases to punish the defendant for willful, fraudulent, or grossly negligent acts, and to deter similar conduct.

Subrogation

Subrogation is a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured, aiming to recover the amount of the claim paid to the insured.

Liability Provision

A term or clause within a contract or agreement that specifies the conditions under which one party is legally responsible to another, often including compensation for damages or losses.