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