The Minimum Number of Members of a Body of Officials

question 49

True/False

The minimum number of members of a body of officials that must be present before business can validly be transacted is known as a quorum.

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Definitions:

Voidable

A term describing a contract that may be affirmed or rejected at the option of one of the parties.

Policy

The contract of insurance.

Life Insurance Policy

A contract between an insurer and a policyholder that pays a designated beneficiary a sum of money upon the death of the insured person.

Beneficiaries

Individuals or entities designated to receive benefits or assets from a will, trust, insurance policy, or other legal agreement.