Describe Four Different Types of Insurance That a Businessperson Might

question 147

Essay

Describe four different types of insurance that a businessperson might obtain in relationship to his business.

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Definitions:

Pledged Assets

Assets that are promised as security for the repayment of a loan.

Monetary

Relating to money or currency, particularly in terms of monetary policy or monetary economics.

Collateral

An asset offered as security for repayment of a loan, forfeitable in the event of default.

Reorganization Plan

A strategy adopted by a company to restructure its business operations, finances, or structure to enhance efficiency or recover from financial distress.