The worst loss that is likely to happen is referred to as the
A) maximum possible loss.
B) probable maximum loss.
C) frequency of loss.
D) severity of loss.
Answer: B
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Which of the following best explains the parol evidence rule?
A) A court will accept evidence of any oral statement that changes or contradicts the terms of a written contract. B) A court will not accept evidence of any oral statement that changes or contradicts the terms of a written contract. C) A court will examine an oral statement made concerning the contract and decide which part to believe. D) A court will examine a statement made in negotiating the contract in determining misrepresentation. E) A court will only accept an oral statement as evidence if there are circumstantial guarantees of its trustworthiness.
The highest business ownership rate of any ethnic or racial group in the United States is by
a. whites. b. Hispanics. c. Koreans. d. blacks.