A Provision in an Insurance Policy That Limits the Amount

question 95

Multiple Choice

A provision in an insurance policy that limits the amount of loss that the policy covers regardless of the extent of the damage is known as a:

• A)security deposit.
• B)coverage ceiling.
• C)policy limit.
• D)deductible.
• E)loss premium.

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Definitions:

Overtime

Working hours that extend beyond the normal or legally defined working hours, often compensated at a higher rate.

Chase Strategy

A demand-driven production strategy where production rates are adjusted to match demand to minimize inventory costs.

Flexibility Strategy

An approach to operations and decision-making that emphasizes the ability to adapt to changes, respond to unpredicted demands, or capitalize on new opportunities.

Level Strategy

A business approach that maintains a steady production rate and workforce level, even during fluctuating demand periods.