To Qualify as a Collection, a Donated or Purchased Item

question 91

Multiple Choice

To qualify as a collection, a donated or purchased item must meet all of the following conditions except:

• A) Held for public exhibition, education or research to further public service
• B) Protected, kept unencumbered, cared for and preserved
• C) Subject to an organizational policy that requires th90e proceeds from sales of collection items to be used to acquire other collectibles
• D) All of the above conditions must be met

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Definitions:

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.

Insurable Interest

A requirement in insurance contracts that the policyholder must be at risk of suffering a genuine loss or damage if the insured event occurs.

Economic Loss

The monetary loss suffered by an individual or entity, which can result from a wide range of factors, including breach of contract, negligence, or market fluctuations.

Title Insurance

Insurance that protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property.