When Does a Person Have an Insurable Interest in Property

question 21

Multiple Choice

When does a person have an insurable interest in property?

• A)When the person has sentimental value,regardless of the property's actual value.
• B)When the person can prove he or she has full legal ownership of the property.
• C)When the person has paid fair market value for the property.
• D)When the person has paid off any loans attached to the property.
• E)When the person derives a financial benefit from its continued use.

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Definitions:

Board of Directors

A group of individuals elected by shareholders to oversee the management and make major decisions for a corporation.

Employee Involvement

The practice of engaging employees in decision making and giving them a role in shaping policies and processes that affect their work and the organization.

Participative Management

A management approach where employees at all levels are actively encouraged to contribute ideas towards identifying and solving problems, improving service, and achieving the organization's objectives.

Employee Involvement

Employee involvement refers to practices that allow employees to contribute ideas, suggestions, and feedback that can help in improving organizational processes, products, or services.