Which of the Following Is Correct

question 53

Multiple Choice

Which of the following is correct?

• A) The best risk management plan is constant through one's life.
• B) Once a plan is set up, it should be reviewed every 10 years.
• C) A solid risk management plan works well without insurance as a component.
• D) One question that should be asked when developing a risk management plan is "What do I need to insure?"
• E) The main goal of insurance should be to maximize personal, property, and liability risks.

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Definitions:

Deeds

Legal documents representing the ownership of property or legal rights.

Marriage Vows

Promises made by individuals to each other during a wedding ceremony, signifying their commitment and intentions for their marriage.

Invisible Hand

A metaphor used by Adam Smith to describe the unintended social benefits resulting from individual actions.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," which laid the foundations for classical free market economic theory.