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Business law #4
| Question | Answer |
|---|---|
| Which type of insurance covers loss of or damage to vessels, cargo and other property exposed to the perils of the sea? | marine |
| A friendly fire that becomes uncontrollable is considered a hostile fire for fire insurance purposes. | true |
| The beneficiary's insurable interest must exist at the time of loss for a life insurance policy to pay. | false |
| Which of the following types of social insurance provides health insurance and hospital insurance for people 65 and older? | medicare |
| Requires that, in the event of loss, insureds be indemnified by their own isnruance companies | no-fault insurance |
| Clause in a fire policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property | coinsurance |
| Exeptions to insurance coverage | exclusions |
| Modification to the standard fire policy made to satisfy individual needs | endorsements |
| Party who will indemnify if loss occurs | insurer |
| The potential loss that has been insured against | risk |
| to make good a loss | indemnify |
| Insurance to cover personal injury or property damage claims for which the insured is legally responsible | liability insurance |
| Stated maximum amount that can be paid under a policy | face value |
| Consideration for a contract of insurance | premium |
| Potential to sustain loss due to the covered risk | insurable interest |
| Indemnifies for loss from personal negligence, chance and accident | casualty insurance |
| The risk of any and all financial losses can be covered by insurance. | false |
| Depreciation is a common exclusion to property insurance coverage. | true |
| Which of the following is not covered in the standard fire policy? | losses due to inept attorneys |
| Which type of insurance covers loss of employment, disability, poverty and medical expense problems? | social |
| Automobile insurance may be written to indemnify for both casualty and property loss. | true |
| The party who agrees to indemnify another is termed the | insurer |
| Which of the following indemnifies against the cost of medical care necessary to regain physical well-being after an illness? | health insurance |
| The face amount of a policy is always paid whenever the covered loss is sustained. | false |
| Unemployment insurance is provided directly by the Social Security Act. | false |
| Those who die without a valid will are legally termed to have died intestate. | true |
| The trustee has a responsibility requiring the highest degree of care and loyalty to the beneficiary. This is referred to as a | fiduciary duty |
| The insertion of a codicil on a will does NOT have to be witnessed. | false |
| If therer are no inheritors of the decdent's estate, the property escheats to __________? | the state |
| A trust terminates at the death of the settlor. | false |
| A trust terminates with the death of the trustee. | false |
| A trust created by the will of a deceased settlor is known as | testamentary trust |
| A resulting trust may be created due to the death of a trust's beneficiary | true |
| A deceased person | decedent |
| Orally made will | nuncupative will |
| Property of the deceased | estate |
| Court appointed representative for a decendant | adminstrator/administratix |
| Intestate's personal representative (female) appointed to settle the estate | executrix |
| Trust created during the lifetime of the settlor | inter vivos trust |
| Will written and signed entirely by the maker | holographic will |
| Trust created for private reasons | private trust |
| To die without a will | intestate |
| Creator of a trust | settlor |
| Trust created for the fulfillment of an altruistic purpose | charitable trust |
| Trust in which the terms are explicitly stated by the settlor | express trust |
| Legal vehicle used to transfer the immediate control of property to another party | trust |
| To die with a valid will | testate |
| Male maker of a will | testator |
| The typical time for all creditors of the estate to file a claim against it is | 6 months |
| A trust created during the lifetime of the settlor. | inter vivos trust |
Created by:
stephparnell