Match the descriptions with their terms:
-Under the concept of _________________, one's liability may be imputed to another by contract.
A) Adjusted return on capital
B) contractual liability
C) expected value
D) financial statement analysis
E) flowchart
F) law of large numbers
G) loss exposure checklist
H) maximum possible loss
I) mean
J) median
K) mode
L) risk management information system
M) standard deviation
N) Value at risk

Question

Quizplus · Accepted Answer

Contractual liability refers to a situation where one party agrees to assume the liability of another party through a contract. This concept is commonly seen in indemnity agreements or insurance contracts where the insurer agrees to cover the liabilities of the insured.

Match the Descriptions with Their Terms