In Order to Claim on a Policy, an Insured Must

question 27

Multiple Choice

In order to claim on a policy, an insured must be able to show that:

• A) They have suffered a loss because of the damage to or destruction of the property insured.
• B) They have an insurable interest in the property insured.
• C) They have either a legal or an equitable interest in the property insured.
• D) They are the owner of the property insured.

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Definitions:

Existence Needs

Basic human needs for physiological and material well-being, such as food, shelter, and safety, based on Abraham Maslow's hierarchy of needs.

Perceived O/I Ratio

The perceived ratio of outputs (rewards) to inputs (efforts), often used in organizational psychology to explain motivation and job satisfaction.

Sales Commissions

A part of compensation given to sales employees based on the volume or value of sales they have generated.

Self-evaluation

The process of reflecting on one's own performance, behaviors, skills, or qualities, often for self-improvement or personal development purposes.