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Performance Dimensions on Which Customers Expect a Minimum Level of Performance

question 8

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Performance dimensions on which customers expect a minimum level of performance are called:


Definitions:

Annual Premium

Annual Premium refers to the amount paid yearly for an insurance policy to keep it active and provide coverage.

Short-rate Refund

A refund of a portion of a premium on an insurance policy, calculated using a method that is less than pro-rata, often involving a penalty for early cancellation.

Annual Premium

The amount paid annually for an insurance policy, providing coverage over a specified period of time.

Short-rate Refunds

A partial refund of premium on an insurance policy that has been canceled by the policyholder before its expiration, calculated using a method that is less than prorated.

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