Nominal Scales Are Used for Classification and Identification Purposes Only

question 17

True/False

Nominal scales are used for classification and identification purposes only.

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Definitions:

Insurance Policy

A contract between an insurer and the insured, outlining the terms under which the insurer agrees to compensate the insured for specific losses.

Risks

The possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility.

Duties of Insurer

The responsibilities an insurance company is bound to fulfill, including issuing policies, collecting premiums, and paying out claims.

Auto Loan

Financing specifically designed to allow individuals to purchase vehicles by borrowing money which is then paid back over time.