In those instances in which the death of a valued employee could cause financial hardship for a company, the company might acquire additional funds through which type of coverage? a. preferred insuredb. business continuationc. employer-employeed. key person"

Key Person

Explanation:

The key person insurance policy is undertaken by an organisation on the lives of very valuable or key employees of such companies. The key person insurance is also referred to as Key employee or Key man insurance.

Because the organisation pays the premium, it is the owner of the policy, therefore, the benefit of the policy if the person dies goes to the organisation.

It is usually undertaken by organisations to compensate for the loss or fill the vacuum that will be left if a very important or expert employee should suddenly die.

For instance, some people patronise a particular business because of the expertise of one of the salespersons, if this salesperson should die, for instance, the company may lose customers and even demand due to the disinterest of some customers. The key person insurance is taken for such a time.

b. Business Continuation

Explanation:

Business continuation insurance is a type insurance structured to protect against the financial effect of the death  of an employee or business partner.

The death or disablement of a key executive can cause stress and financial difficulties. In some cases, the lack of clear leadership and business struggles can create disruption so severe that the business may fail.

it covers losses and serve as a means of financial assistance which enable business continuity if a key executive, owner, or partner of a business dies or becomes disabled.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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