The Difference Between a Wagering Contract and an Insurance Contract

question 11

Multiple Choice

The difference between a wagering contract and an insurance contract is that the insurance contract:

• A)is commercial in nature.
• B)transfers an existing risk.
• C)does not contain an insurable interest.
• D)is between two interested parties.

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Definitions:

Contingency Theories

A group of leadership theories suggesting that the best leadership strategy is contingent upon various internal and external situations.

Leadership Efficiency

The ability of a leader to achieve desired outcomes with minimal waste of time, effort, or resources.

Trait Approach

A perspective in leadership that suggests certain physical, social, and personal characteristics are inherent to leaders.

Significant Correlations

Statistical relationships between two variables indicating a strong association that is not likely due to chance alone.