Examlex
Waldron and Farris both must make a presentation to their psychology class.Although Farris is feeling confident and relaxed,Waldron is very nervous about the presentation.Which of the following provides the best explanation of the two students' experience?
Loss Occurs
Refers to the moment when a financial loss happens due to an insured event.
Insurable Interest
A requirement that a person seeking to purchase insurance has a sufficient stake in the safety or preservation of the insured item or individual to obtain insurance coverage.
Named Beneficiary
An individual, group, or entity explicitly designated to receive benefits from a policy or account.
Partnership
A lawful business structure operated by two or more people who divide management duties and share the profits.
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