When Denying a Claim, Use a Statement Such as If

question 51

True/False

When denying a claim, use a statement such as If you had read the instruction booklet that came with the air conditioner, you would have known to change the filter every three months to let the customer know why the claim must be refused.

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Definitions:

Scrap Value

The estimated resale value of an asset at the end of its useful life, typically in a condition where it can only be sold for parts or raw materials.

Probabilities

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.

Coin Toss

A simple randomness procedure used to decide between two equally probable outcomes with the flip of a coin.

Expected Value

The predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence.