Insurance and risk management True or false65-72 Answer as many as possible

settlements. 65. Most directors and officer's liability insurance policies allow the insured to select legal counsel and control the defense of claims. 66. For insurance purposes, an activity must involve a profit motive and full-time work to be considered a business. 67. Business overhead insurance protects against the risk of disability. 68. Commercial umbrella liability insurance offers similar protections to excess liability insurance. 69. Intellectual capital is defined as a firm's employees. 70. A premises owner has no legal duty to protect a trespasser who is explicitly prohibited from entering the premises. 71. A risk manager usually stratifies losses by separating them into groups with similar frequencies. 72. Too much risk aversion can have a detrimental effect on the company profits