Coverage of the Insured Party for All Injuries and Incidents

question 11

Multiple Choice

Coverage of the insured party for all injuries and incidents that occurred while the policy was in effect,regardless of when they are reported,is

• A)occurrence insurance.
• B)claims-made insurance.
• C)malpractice insurance.
• D)rider insurance.

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Definitions:

Decentralization

The distribution of decision-making power away from a central authority within an organization to lower levels or divisions.

Controllable Costs

Expenses that management can directly or indirectly control or influence in the short term, such as supplies and advertising.

Direct Expense

Costs that can be directly traced to a specific product, service, or department.

Departmental Contribution

The amount of revenue generated by a specific department minus the direct costs associated with that department.