Sam owns his own business. He has several different types of insurance policies to cover
various risks to his business. The policies have various coverage limits.
Sam is considering
purchasing a policy that would add coverage in excess of all these individual policies up to $1
million. The type of policy that Sam is interested in adding is:
A) Group.
B) Fidelity.
C) Double indemnity.
D) Comprehensive.
E) Umbrella.
E
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What does the loss ratio measure in any particular year?
A. Payouts on policies to premiums earned. B. Amount of premiums earned relative to the payout on policies. C. Overall underwriting profitability of a line. D. Loss adjustment expenses to premiums earned. E. Commission and other acquisition costs to premiums written.
Most manufacturing items and their components are defined by
A. an engineering drawing. B. a BOM. C. group technology. D. the make-or-buy decision.