There Are Specific Requirements for Insurability Which Include

question 43

Multiple Choice

There are specific requirements for insurability which include:

• A)the value of the actual loss must be possible to determine.
• B)the risk cannot be selected.
• C)the risk must be within a single geographical area.
• D)there must a pool of insurers who will accept the risk.

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Definitions:

Governance

Governance encompasses all of the processes of governing, whether undertaken by a government, market, or network, over a social system (family, tribe, formal or informal organization, a territory or across territories) and whether through the laws, norms, power or language of an organized society.

Investment Policy Statement

A document that outlines an individual's or entity's investment goals, strategies, and constraints.

Risk Management

The process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events.

Income Beneficiary

An individual or entity entitled to receive income generated from a trust, estate, or account, rather than the principal sum itself.