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Insurance - Answer -an economic device used to protect against extreme unforeseen loss - the transfer of risk from one party to another Premium - Answer -the fee paid by the insured in exchange for insurance Principle of Indemnity - Answer -the insurer should be restored to where they were before the incident -no profit can be made Indemnification - Answer -to compensate for loss or damage; to provide security for financial reimbursement to an individual in ca...

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Which kind of losses are covered under a standard fire policy? - Answer Direct All fires are not covered by the Standard Fire policies, only those that: - Answer are hostile and have a flame or glow At what time does a fire policy go into effect? - Answer 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies for $25,000 each. A fire causes $10,000 worth of damage. What is the maximum amount the insured...

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: - Answer I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: - Answer Actual cash value When may an insured sue an insurance company? - Answer Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? ...

Business Owner Package (BOP) - Answer bundles property, liability, and income protection in a single package. Sometimes referred to as homeowner's insurance for businesses. Is inflation coverage (guard) feature typically found in a BOP? - Answer Yes What is the value feature in a BOP? - Answer Replacement Cost What are the two basic types of coverage in a Commercial Package Policy? - Answer Liability and Property coverages What is a surety bond? - Answer ...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of - Answer The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? - Answer A Promise The interest of the insured and all other persons in the property involved in a claim is found in - Answer A Proof of Loss An insured rear-ends another driver's vehicle. The auto policy that pays damages to repair the damaged vehicle is a _______? -...

What is insurance? - Answer protection against financial loss what is a premium - Answer a scheduled amount to be paid for an insurance policy. What are premiums used for - Answer premiums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individual’s catastrophic loss? - Answer the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. ...

1 Exam (elaborations) Entrepreneurship II Final Exam Review Questions and Correct Answers. 2 Exam (elaborations) Entrepreneurship Final Exam Questions and Correct Answers 2025-2026 Updated. 3 Exam (elaborations) Entrepreneurship Exam 2 With Guaranteed Pass Solutions 2026 Updated.

One internal factor that affects the business environment is - Answer management style. Amie talks to customers and suppliers from all over the world on a daily basis. Her company's involvement with people in so many different countries is due to the trend of - Answer globalization Which of the following is an example of a governmental regulatory agency: - Answer Federal Aviation Administration (FAA) Economic factors can affect a business's operations by - Answer...

What do small businesses and entrepreneurs contribute to the economy? Select all that apply. - Answer jobs innovation competition What negatively affects small businesses? - Answer regulations Match each term with the correct definition. - Answer *discipline* - the ability to stick to rules of own free will *competitiveness* - the property of having a strong desire for success and achievement *perseverance* - steadfastness and commitment in achieving a goal *v...

market niche - Answer a homogenous group of consumers with common characteristics primary data - Answer new data that are often collected using observational or questioning methods competitive analysis - Answer an analysis of both the quality and quantity of the competition, which needs to be carefully scrutinized by the entrepreneur current assets - Answer cash and assets that can be easily converted to cash, such as accounts receivable and inventory. current as...

Acquisition Costs - Answer Costs incurred by a business Angel Investor - Answer An investor who provides funding to a business for a stake in the business in return Asset - Answer A tangible item a business owns Balance Sheet - Answer A document that compares assets to liabilities plus owner's equity Brand Recognition - Answer The level of familiarity one has with a brand Bootstrapping - Answer A business owner that uses their own money to fu...

The statistical analysis of entrepreneurship has 3 classifications of economic development. Which one relies on industrialization & economies of scale? Select One: a. Innovation-driven b. Factor-driven c. Efficiency-driven - Answer Efficiency-Driven The causal process is when entrepreneurs: Select One: a. Act in a rational manner with planned risk taking; start with a desired outcome and use a linear process b. Are means-driven, risk averse using a circular process c. Have the ...

Which of the following is a type of intangible business property that is protected by law. - Answer Trademark. A trademark is a symbol, design, or word used by a business to identify a good or service and is registered with the government to prevent its use by others. A trademark is an example of intangible business property. Federal law protects a business's intangible property from being used by competitors. Basic torts relating to businesses often involve disputes concerning. - An...

What is a business plan? - Answer -A written narrative typically 25 to 35 pages long -Describes what a new business plans to accomplish Dual-Use Document - Answer -For most ventures, the business plan is a dual-purpose document used both inside & outside the firm 2 Primary Audiences for a Firm's Business Plan - Answer -Who reads the business plan & what are they looking for? 1. A firm's employee -looking for a clearly written business plan to help the employees...

Small Business Owners - Answer -not always interested in taking on new business opportunities -their key objective is to generate profits -content to stick with that their current business does The U.S. Small Business Administration (SBA) counts companies with as much as $35.5 million in sales and 1,500 employees as "small businesses," depending on the industry Entrepreneurs - Answer -interested in taking on new business opportunities -an individual with an innovative ...

Entrepreneurship - Answer Starting a new business. Entrepreneur - Answer A person who starts a business, creating a new product. Key qualities of a successful entrepreneur/ business leader are - Answer Creative, have common Sense, leader, persistent, have self-confidence, self-reliant, skilled, driven, strength, and specialized in a specific area/knowledge. Where do the 6 places of business ideas come from: - Answer Spotting an opportunity in an industry Pursuin...

One way that an advertising agency can protect the original song is created for a client's television commercial is by obtaining a A. patent B. copyright C. trademark D. license - Answer B. Copyright A copyright is legal protection of books and other artistic works granted by government and giving their creators sole rights to them for a certain period of years. An original musical work, such as a song, is a type of intellectual property that can be copyrighted. If an advertisi...

Domain 1 Lesson 1 - Answer The key objective of a small business owner is to generate ____ - Answer profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - Answer risks Tangible items that require pick-up or delivery are ____ products - Answer physical When a ____ purchases an item from a business, it is a business-to-consumer transaction - Answer customer ____ are for-profit corporations wit...

What are three characteristics of entrepreneurs? - Answer Creativity, Determination, Enthusiasm After a self-assessment, a potential entrepreneur has learned that she has a very low risk tolerance. Based upon this finding, which approach might be less stressful for the entrepreneur to have her own business? - Answer Buy an existing business that is already successful. An entrepreneur moves into a small town and notices several stores selling guns and ammunition. The entrepreneu...