Which of the following is specifically characterized by the elimination of waste through a focus on exactly what the customer wants?

Which of the following statements best summarizes the function of insurance?

A) It protects against living too long. B) It spreads financial risk over a large group so as to minimize the loss to any one individual. C) It is a form of legalized gambling. D) It spreads financial risk over a diverse group of people who are exposed to different risks."

Marcus employs a real estate broker, Dean, to sell his house. Dean's express powers are to advertise and market the house for sale, show the house to prospective buyers, and accept offers from them

He is not allowed to seal a deal without Marcus' consent. Marcus goes away on a month-long trip where he cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his authority to hire an electrician to repair the circuits and restore electricity in the house. Marcus then comes back and pays Dean for the repairs. What is the nature of the agency that Dean used to fix the problem in the house? A) implied agency B) agency by ratification C) power of attorney D) express agency