The First Task to Be Completed Before a Comprehensive Insurance

question 49

Multiple Choice

The first task to be completed before a comprehensive insurance program for a business can be developed is:

• A) to develop a financial plan.
• B) to assess internal strengths.
• C) to identify risks.
• D) to provide a business succession plan.

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Definitions:

Income Response

The change in consumers' buying behavior resulting from a change in their income.

Price Elasticity

A measure of how much the demand for a product or service changes in response to a change in its price, indicating its sensitivity or responsiveness.

Arc Elasticity

A measure of a variable's sensitivity or responsiveness to changes in another variable, calculated over a specific range or 'arc'.

Price of Oranges

The cost at which oranges are sold or bought in the market.