Which of the Following Is True of Insuring the Property

question 1

Multiple Choice

Which of the following is true of insuring the property of a business?

• A) All the value of a property has insurable value.
• B) The value of land is the most commonly insured property.
• C) The value of the historical significance of a building often cannot be insured.
• D) The lower the deductible,the lower the policy premium payments will be.

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Definitions:

Rational-legal authority

A form of leadership where authority is based on legal legitimacy and bureaucratic procedures, as opposed to traditional or charismatic forms of governance.

State

An institution that maintains a monopoly over the legitimate use of force in a given territory.

Political systems

Refers to the framework of formal legal institutions, processes, and norms through which a society organizes its governance and allocates authority to make and enforce policies.

Socialist systems

Economic and political systems where the means of production, distribution, and exchange are owned or regulated by the community as a whole.