What will happen to real estate when its deceased owner did not write a will and has no heirs?
A) The ownership will pass by devise.
B) The ownership will escheat.
C) The courts will seize the ownership.
D) The ownership will revert to the previous owner.
Answer: B) The ownership will escheat.
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Which of the following is true for services?
A) All services are people-based, while goods are equipment-based. B) Service providers can be both for-profit or nonprofit. C) All service companies follow the same process to deliver their services. D) The client's presence is a hindrance during the service delivery process. E) Service providers develop similar marketing programs for personal services and business services.
The production facility for ABC Manufacturing is located in a flood plain. Although the risk of flood is low, ABC's risk manager is concerned that a flood could damage the plant and equipment
He received bids on flood insurance from two insurance agents, but decided the cost of coverage was too high relative to the risk. So he did not purchase flood insurance. Which risk management technique is ABC using with respect to the risk of flood? A) active retention B) noninsurance transfer C) passive retention D) avoidance