Multiple Choice
In Activity-Based Costing (ABC), any event that causes the consumption of overhead resources is known as a(n):
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1. Introduction to Accounting
Types of Accounting
Multiple Choice
A policyholder or __________ is the person in whose name the insurance policy is issued.
A
insured
B
beneficiary
C
agent
D
underwriter
Verified step by step guidance1
Understand the context of the question: It is asking about the role of a person in relation to an insurance policy.
Review the definitions of the terms provided: 'insured,' 'beneficiary,' 'agent,' and 'underwriter.'
Clarify the term 'insured': The insured is the person whose life, health, or property is covered by the insurance policy. This is the person in whose name the policy is issued.
Differentiate the other terms: A 'beneficiary' is the person who receives the benefits of the policy, an 'agent' is the representative selling the policy, and an 'underwriter' is the entity assessing the risk and issuing the policy.
Conclude that the correct term to fill in the blank is 'insured,' as it directly refers to the person in whose name the insurance policy is issued.
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