Multiple Choice
Which of the following policies would be classified as a traditional level premium contract?
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1. Introduction to Accounting
Types of Accounting
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All of the following are examples of a business associate except:
A
Auditor
B
Shareholder
C
Customer
D
Supplier
Verified step by step guidance1
Understand the concept of a business associate: A business associate is an entity or individual that has a direct business relationship with the company, often involving transactions or services provided to or by the company.
Review the examples provided in the question: Auditor, Shareholder, Customer, and Supplier. Determine which of these entities typically has a direct business relationship with the company.
Analyze the role of each entity: An auditor provides auditing services, a customer purchases goods or services, and a supplier provides goods or services to the company. These roles involve direct business interactions.
Consider the role of a shareholder: A shareholder owns shares in the company but does not typically engage in direct business transactions or services with the company. Their relationship is more financial and investment-oriented rather than operational.
Conclude that the correct answer is 'Shareholder,' as they are not considered a business associate in the context of direct business relationships.
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