BML 11-1 Question Preview (ID: 8495)


Business Maganagement And Law, Chapter 11, First Set. TEACHERS: click here for quick copy question ID numbers.

Business interruption insurance
a) covers property losses resulting from fire, storms, and theft.
b) provides compensation for ongoing business expenses that occur if a business has a temporary shutdown due to a fire, flood or
c) provides payments to employees who can not work due to illness or injury.
d) covers payments for cable television services if that service is stopped at your place of business.

A risk that relates harm or injury to other people or their property because of your actions is called
a) personal risk
b) impersonal risk
c) liability risk
d) property risk

The person or company buying an insurance policy.
a) policyholder
b) agent
c) claimant
d) insured

A policyholder's request for payment for a loss covered by an insurance policy is a
a) premium
b) deductible
c) fraud
d) claim

A risk that can result in damage to your own health or well-being is called
a) pure risk
b) impure risk
c) personal risk
d) impersonal risk

The person or company for which the insurer assumes the risk is the
a) insured
b) insurer
c) beneficiary
d) lucky duck

A risk that presents the chance for loss but no opportunity for gain is a
a) liability risk
b) pure risk
c) impure risk
d) speculative risk

The exclusive right to possess and use a property and its profits.
a) property rights
b) civil rights
c) natural rights
d) human rights

A risk that can lead to loss of items such as money, vehicles and buildings.
a) pure risk
b) speculative risk
c) bespectacled risk
d) property risk

The amount a policyholder pays for insurance coverage.
a) extortion
b) claim
c) premium
d) benefits

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