Florida Insurance Claims Adjuster License Practice Exam

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What is a Bid in business terms?

  1. An insurance premium

  2. An agreement to fulfill a contractual obligation

  3. A proposal for a health service

  4. A type of property insurance

The correct answer is: An agreement to fulfill a contractual obligation

A Bid in business terms refers to an offer made by a prospective buyer to purchase a product or service. It is not an insurance premium, as that refers to the amount paid to an insurance company to cover a risk. While a bid can be made for a healthcare service, it is not limited to just health services. It is also not a type of property insurance, as that is a form of protection for physical assets. Bids are typically used in contract negotiations and are a crucial part of business transactions.

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