Which of the Following Is Correct with Respect to the Meaning

question 11

Multiple Choice

Which of the following is correct with respect to the meaning of an insurable interest?

• A) The insurance company must have received a premium before it can be said to have an interest in the agreement and be bound to pay when a claim is made.
• B) This term describes when a person has taken out insurance on something.
• C) The beneficiary or person receiving payment must have an ownership interest in the thing being insured.
• D) An insurable interest means that the person causing the loss is required to show enough interest in what he is doing to be careful.
• E) The person taking out the insurance contract must be in a position that he will suffer a loss equal to the amount claimed if the insured-against event occurs.

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Definitions:

Strategic Vision

A clear, comprehensive, and forward-looking view of the direction and aspirations of an organization, its purpose, goals, and the means to achieve them.

Superordinate Goal

A goal that is shared by individuals or groups that can only be achieved through cooperation, fostering unity and collaboration.

Transformational Leadership

A leadership approach that causes change in individuals and social systems, aiming to develop followers who can take leadership roles.

Transactional Leadership

A management style that focuses on supervision, organization, and performance, rewarding employees for meeting specific goals.