The Amount Payable by an Insurance Company for a Monetary

question 22

Multiple Choice

The amount payable by an insurance company for a monetary loss to an individual insured by that company, under each coverage is called the

• A) benefits.
• B) deductible.
• C) premium.
• D) co-pay.

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Definitions:

Autonomy

The right or condition of self-governance, or the ability of an individual or organization to make their own decisions independently.

Cost Center

A division whose parent company rewards it for reducing the cost of producing a specified output.

Minimizing Costs

The process of reducing expenses to the lowest possible level while maintaining the desired level of quality or output.

Division

A distinct part of a larger company or organization that focuses on a specific area of business or operation.