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In manufacturing units of Product A27, Mike is supposed to use three pounds of raw material for each unit.But, due to poor quality in a recent batch of raw materials, he used an average of four pounds.Mike's company is therefore exposed to ___ risk.
Written Statement
A formal, documented expression of facts or opinions, which is signed and usually legally binding.
Creditor Beneficiary
A third party that benefits from a contract made between two other parties, primarily involving debt repayment.
Life Insurance Policy
A contract between an insurer and an insured, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
Bank
A financial institution licensed to receive deposits, offer loans, and provide various financial services to individuals and businesses.
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