Based on previous stoppage records, the manager figures that the probability that production line 1 is stopped next is 25%. This is an example of:
A) subjective probability.
B) classical probability.
C) relative frequency probability.
D) Bayesian probability.
C
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What happens if the insurer discovers that the insured's age was accidentally misstated on an application for an individual life insurance policy?
A) The policy will be canceled. B) Benefits will be calculated according to how much coverage the premium paid would have purchased for the correct age. C) Benefits are paid as if the misstated age is the insured's real age. D) The insured must pay a $5,000 fine."
The seller and the buyer have reached an agreement on which terms the seller will complete as part of the buyer's inspection request. Which form should the broker use to document this agreement?
a. Amend/Extend Contract with Broker b. Inspection Objection c. Amend/Extend Contract d. Inspection Resolution