To Be Able to Claim Loss, Those Who Have an Insurable

question 12

Multiple Choice

To be able to claim loss, those who have an insurable interest in property must have that interest:

• A) before the loss occurs.
• B) at the time the loss occurs.
• C) at the time the policy was issued.
• D) throughout the term of the policy.

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Definitions:

Differential Cost

The difference in total cost that will result from selecting one alternative over another in decision-making processes.

Unit Cost

The cost incurred to produce, store, or purchase one unit of a product or service.

Modifying Style

Refers to altering the presentation or appearance of a document or webpage through changes in formats, layouts, or designs.

Make-Or-Buy Options

Decision-making process in businesses regarding whether to produce a product or service in-house or to purchase it from an external supplier.