3-38 in General,maximum Levels of Losses Are More Predictable for Liability

question 4

True/False

3-38 In general,maximum levels of losses are more predictable for liability lines than for property lines.

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Definitions:

Express Authority

Explicit, direct power given to an individual or entity to perform actions or make decisions on behalf of another.

Implied Authority

The power assumed by a person that allows them to act for another, even if not explicitly granted.

Apparent Authority

A situation where a person appears to have been given authority to act on behalf of another, even if no actual authority has been granted.

Third Party

An entity or individual not primarily involved in a legal contract or transaction but may be affected by it or have an interest in it.