Insurable Value Is Defined As

question 54

Multiple Choice

Insurable value is defined as:

• A) the amount of an asset for which a company will write an insurance policy.
• B) the entire value of the property of a business.
• C) the value of the historical significance of a building.
• D) the amount of fees that a business has to pay to an insurance company.

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Definitions:

Court Orders

Legal commands issued by a court or judge, requiring a person or entity to do or cease doing a specific action.

Common Law Fraud

A deceptive practice that involves making false representations of fact with the intention of inducing someone to part with something of value or to surrender a legal right.

Privity of Contract

Privity of contract is a legal principle that restricts the rights or duties under a contract to the parties who originally agreed to it, preventing third parties from enforcing the contract terms.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, presented in a structured manner.