Answer:
Insurable interest
Explanation:
The insurance interest is the interest of the insurer while taking the policy so that the risk of the loss is reduced also it is an important requirement that makes the firm or the event to be legal, valid, enforceable, and protected against any harmful acts done intentionally
Therefore according to the given situation, the concept in which enough interest must exist on the part of the insurer while taking the policy is known as the insurer interest
Hence, the first option is correct
Answer:
a. globalization.
Explanation:
Global economy refers to the viewing economies of all countries as a single economy. In recent years, economies of multiple countries are increasingly becoming interconnected and dependent on each other. Globalization describes the increased interactions and interdependence between multiple countries.
Advancement in technology and infrastructure development has facilitated the easy and faster movement of people, technology, ideas, goods, and services across borders. Consequently, international trade and social interactions have increased, making the world appear as one big economy. This connection between countries' economies is globalization.
Answer:
C. A written contract is assumed to contain all the terms and
Answer: It means business is at the peak point or peak phase
Explanation:
Peak phase or peak point refers to the point in which the increase in growth rate of business cycle reaches its maximum limit. Economic factors such as production, profit, sales, and employment, are higher, but tend not to increase further.
In peak phase, demand gradually decreases due to increase in the prices of input because an increase in input leads to increase in the price of product without a corresponding increase in the income of customers.
As a result of the increase in price, the customer restructure their budget and this may lead to a fall in demand.