Before an Insured Party Can Place a Claim on Their

question 44

Multiple Choice

Before an insured party can place a claim on their policy,they must prove:

• A)they have suffered a loss because of the damage to or destruction of the property insured.
• B)they have an insurable interest in the property insured.
• C)they have either a legal or an equitable interest in the property insured.
• D)they are the owner of the property insured.

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Definitions:

Conciliation

Use of a government-appointed third party to explore solutions to a labour—management dispute.

Disciplinary Procedures

Formal processes followed by organizations to address employee behaviors that violate policies or standards, aiming at fairness and consistency.

Arbitration Cases

Legal disputes resolved outside of court by a neutral third party (arbitrator), whose decision is binding on the involved parties, often used in labor disputes.

Management

The coordination of an organization's resources to achieve its goals through effective planning, leading, organizing, and controlling.