Benefits of flexible manufacturing systems include

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Reference no: EM132297571

1. Nick is applying for insurance with Security Insurance Company on certain pieces of his business property. In the application, however, Nick fails to disclose various material facts that Security Insurance Company does not know but has a right to know. Nick has committed:

a. concealment.

b. fidelity.

c. misrepresentation.

d. waiver.

2. Sam owns a warehouse and stores goods for Teller Enterprises. If Teller’s goods are damaged while in Sam’s warehouse will Sam be held liable?

a. No, Sam is immune.

b. Yes, Sam is strictly liable.

c. Yes, if Sam fails to exercise care that a reasonably careful person would exercise under the circumstances.

d. None of these answers are correct.

3. Willy owns a furniture store where he sells beds and couches. Willy has taken out a loan with Capital Finance with a security interest in the inventory to help finance a new store. Who has an insurable interest in the beds and couches?

a. Willy.

b. Capital Finance.

c. Both Willy and Capital Finance.

d. None of these answers are correct.

4. As compared to rigid automation, the benefits of flexible manufacturing systems include:

reduced labor requirements.

higher efficiency.

large batch sizes.

significantly lower fixed costs.

significantly lower variable costs.

Reference no: EM132297571

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