As a Result of an Internal Risk Assessment,Berryhill Insurance Decided

question 92

Multiple Choice

As a result of an internal risk assessment,Berryhill Insurance decided it was no longer profitable to provide flood insurance in the southern states.Berryhill apparently chose to ________ the risk of paying flood claims in the southern states.

• A)reduce
• B)share
• C)avoid
• D)accept

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Definitions:

Services

Intangible products offered by businesses, such as consulting, repairs, or entertainment.

3-way Match

An accounting control process matching the purchase order, delivery note/packing slip, and invoice before making a payment to the supplier.

Internal Control

Processes and procedures put in place by a company to ensure the integrity of financial and accounting information, enhance accountability, and prevent fraud.

Sales Tax Payments

Payments made to local, state, or federal tax authorities for sales tax collected from customers on taxable sales.