Both Managers and Organizations Must Strive to Exceed Customer Needs

question 60

True/False

Both managers and organizations must strive to exceed customer needs.

---

Definitions:

Premiums Paid

Amounts paid for insurance coverage or policies over a specified period.

Unexpired Insurance

The portion of an insurance premium that has not yet been used up or has not yet expired, representing a future economic benefit.

Insurance Policy

A contract between an insurer and a policyholder in which the insurer agrees to compensate the policyholder for specific losses in exchange for a premium.

Adjusting Entry

A journal entry made at the end of an accounting period to record unpaid expenses or revenues that have accrued, ensuring the accounts reflect the true financial position.