Risk Retention Group Is

question 326

Multiple Choice

Risk retention group is:

• A) A public entity formed by the members of the public pool primarily to provide business risk competency to the members.
• B) A business entity formed by the members of the private pool primarily to provide commercial asset insurance to the members.
• C) An insurance entity formed by the members of the private pool primarily to provide commercial liability insurance to the members.
• D) An insurance entity formed by the members of the public pool primarily to provide commercial expense insurance to the members.

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Definitions:

Licensing Agreement

A legal contract between two parties, where one party gives the other permission to use its brand, patent, or proprietary information under agreed terms.

Fees for Service

Charges imposed for specific services provided by professionals or organizations, often based on the service's complexity or the time required to perform it.

Earned Income

Income generated from the sale of goods and services, distinguishing it from donations or grants in nonprofit organizations.

Feasibility Study

An analysis conducted to assess the practicality and potential success of a proposed project or venture, considering factors like economic, technological, legal, and scheduling constraints.