Exam: BEC Vantage

Definition: To obtain goods or services from within a company rather than from external sources.

Example: The company decided to insource its customer service to improve quality and reduce costs.

Definition: Describing work or services that have been brought back in-house after being previously outsourced to another company.

Example: The company decided to use insourced labor to improve quality control.

Definition: To bring a process or service in-house instead of outsourcing it to another company.

Example: The company decided to insource its customer service operations to improve quality.

Definition: The process of getting goods or services by using the resources or employees that are already part of a company, instead of relying on outside sources.

Example: The company decided on insourcing to reduce costs and improve efficiency.

Definition: To bring a process or service that was previously outsourced back in-house, meaning it is handled within the organization instead of by an external provider.

Example: The company decided to insource its customer service to improve quality and reduce costs.

Definition: A part of a payment that is made at regular intervals until a debt is fully paid off.

Example: I will pay for the car in three installments over the next few months.

Definition: Not a valid English word.

Example: Not available

Definition: A system or agreement that provides financial protection against loss or damage, usually in exchange for regular payments.

Example: Many people buy health insurance to help cover medical expenses.

Definition: To purchase a policy that provides financial protection against loss or damage.

Example: Many people choose to insure their homes against natural disasters.

Definition: To arrange for financial protection against loss or damage, typically by paying a premium to an insurance company.

Example: He decided to insure his house against fire damage.

Definition: A person who has insurance coverage for their life or property.

Example: The insured must provide accurate information to the insurance company.

Definition: Relating to or occurring between different branches of an organization or system.

Example: The interbranch cooperation improved the efficiency of the project.

Definition: Relating to or occurring between different companies.

Example: The intercompany agreement outlined the terms of collaboration between the two firms.

Definition: Relating to or occurring between different divisions of an organization or system.

Example: The interdivisional meeting helped improve communication between departments.