An Insurable Interest Is Created When an Insurer Has Ownership

question 42

True/False

An insurable interest is created when an insurer has ownership of the item being insured.

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Definitions:

Promoting Employees

The process of advancing an employee's rank or position within a company, often accompanied by an increase in salary and responsibilities.

Davis-Bacon Act

A United States federal law that establishes the requirement for paying the local prevailing wages on public works projects for laborers and mechanics.

Prevailing Wages

The standard or most common wages determined by governmental or regulatory bodies, often used in context to ensure fair compensation in public contracts.

Skill-Based Pay Systems

Pay structures that set pay according to the employees' levels of skill or knowledge and what they are capable of doing.