A person pr entity that owes money to another.

Document conveying title to real property.

The broadest form of ownership in real property.

Interest in real property for duration of a person's life.

A secured loan on a parcel of real property.

Failure to exercise reasonable care.

All property which is not real property.

Land and those objects permanently attached to land.

A debt which is supported by a pledge, mortgage or lien on assets belonging to the debtor.

The party who acquires possession, but not the title, of another's personal property, under agreement.

The transfer of possession, but not the title of another's personal property, under agreement.

The party who gives up possession, but not the title, of personal property in a bailment.

Any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid (airline, train, etc.)

Objects permanently attached to land.

The intentional failure or the reckless disregard of the consequences with respect to conduct affecting the life or property of another.

Responsibility for actions and/or other debts; the quality of state of being legally obligated or accountable.

Statement of funeral goods and services selected

An itemized list of goods and services that a consumer has selected during an arrangement conference that allows them to evaluate bthe selections and make any desired changes.

Ownership; evidence of ownership of property.

Recipient of the proceeds of a life insurance policy.

A legal agreement by one party to hold another party not liable for potential losses or damages.

Failure to perform a professional service with the ability and care generally exercised by others in the profession.

Contract whereby insurer assumes the risk of death of insured for a specific time with no cash surrender.

Universal life policy

An insurance product is combing features of both whole life and term life policies.

Insurance that covers an insured for life and accumulates cash surrender value.

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FNRL 140

Chapter 17-19 Definitions

Question	Answer
Debtor	A person pr entity that owes money to another.
Deed	Document conveying title to real property.
Fee simple estate	The broadest form of ownership in real property.
Life estate	Interest in real property for duration of a person's life.
Mortgage	A secured loan on a parcel of real property.
Negligence	Failure to exercise reasonable care.
Personal property	All property which is not real property.
Real property	Land and those objects permanently attached to land.
Secured claim	A debt which is supported by a pledge, mortgage or lien on assets belonging to the debtor.
Bailee	The party who acquires possession, but not the title, of another's personal property, under agreement.
Bailment	The transfer of possession, but not the title of another's personal property, under agreement.
Bailor	The party who gives up possession, but not the title, of personal property in a bailment.
Common carrier	Any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid (airline, train, etc.)
Fixture	Objects permanently attached to land.
Gross negligent act	The intentional failure or the reckless disregard of the consequences with respect to conduct affecting the life or property of another.
Liability	Responsibility for actions and/or other debts; the quality of state of being legally obligated or accountable.
Statement of funeral goods and services selected	An itemized list of goods and services that a consumer has selected during an arrangement conference that allows them to evaluate bthe selections and make any desired changes.
Title	Ownership; evidence of ownership of property.
Beneficiary	Recipient of the proceeds of a life insurance policy.
Indemnification	A legal agreement by one party to hold another party not liable for potential losses or damages.
Malpractice	Failure to perform a professional service with the ability and care generally exercised by others in the profession.
Term life policy	Contract whereby insurer assumes the risk of death of insured for a specific time with no cash surrender.
Universal life policy	An insurance product is combing features of both whole life and term life policies.
Whole life policy	Insurance that covers an insured for life and accumulates cash surrender value.

Created by: WendigoBunny

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