INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 1

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-You own your house.The amount of insurance coverage you will have on your furniture will be dependent upon [the replacement value of your house | the amount of insurance on your home].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Legal Authority

The lawful right or power to make decisions, enforce laws, or administer justice within a given jurisdiction.

Domestic Corporation

A corporation that is registered and operates in the same country in which it was incorporated, adhering to the legal and regulatory standards of that country.

Incorporated

Refers to the process of legally declaring a business as a separate legal entity, distinct from its owners, with rights to own property and sue or be sued.

Creature of the State

An entity that is created by and subject to state law, often used to describe municipalities or corporations.