B Law 2 Unit 4 Ch 37 Word Scramble
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Term | Definition |
insurance | A contract in which, for a stipulated consideration, one party agrees to compensate the other for loss on a specific subject by a specified peril. |
risk | A prediction concerning potential loss based on known and unknown factors. |
risk management | In the context of insurance, the transfer of certain risks from the insured to the insurance company by contractual agreement. |
policy | In insurance law, the contract between the insurer and the insured. |
premium | In insurance law, the price paid by the insured for insurance protection for a specified period of time. |
underwriter | In insurance law, the insurer, or the one assuming a risk in return for the payment of a premium. |
insurable interest | An interest that exists when a person benefits from the preservation of the health or life of the insured or the property to be insured. |
binder | A written, temporary insurance policy. |
incontestability clause | A clause in a policy for life or health insurance stating that after the policy has been in force for a specified length of time (usually two or three years), the insurer cannot contest statements made in the policyholder’s application. |
will | An instrument made by a testator directing what is to be done with his property after death. |
testate | Having left a will at death. |
intestate | As a noun, one who has died without having created a valid will. As an adjective, the state of having died without a will. |
intestacy laws | State statutes that specify how property will be distributed when a person dies intestate. |
testator | One who makes and executes a will. |
executor | A person appointed by a testator in a will to administer his estate. |
administrator | One who is appointed by a court to administer a person’s estate if the decedent died without a valid will or if the executor named in the will cannot serve. |
devise | A gift of real property by will, or the act of giving real property by will. |
bequest | A gift of personal property by will (from the verb to bequeath). |
legacy | A gift of personal property under a will. |
devisee | One designated in a will to receive a gift of real property. |
legatee | One designated in a will to receive a gift of personal property. |
holographic will | A will written entirely in the testator’s handwriting. |
nuncupative will | An oral will (often called a deathbed will) made before witnesses; usually, limited to transfers of personal property. |
codicil | A written supplement or modification to a will; must be executed with the same formalities as a will. |
probate | The process of proving and validating a will and settling all matters pertaining to an estate. |
will substitutes | Various instruments, such as living trusts or life insurance plans, that may be used to avoid the formal probate process. |
per stirpes | A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) takes the share to which his deceased ancestor (such as a parent) would have been entitled. |
per capita | A method of distributing an intestate’s estate so that each heir in a certain class (such as grandchildren) receives an equal share. |
trust | An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary). |
living (inter vivos) trust | A trust created by the grantor (settlor) and effective during his lifetime. |
testamentary trust | A trust that is created by will and therefore does not take effect until the death of the testator. |
charitable trust | A trust in which the property held by the trustee must be used for a charitable purpose, such as the advancement of health, education, or religion. |
spendthrift trust | A trust created to protect the beneficiary from spending all the funds to which he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time, and most states prohibit creditors from attaching assets of the trust. |
Totten trust | A trust created when a person deposits funds in his own name for a specific beneficiary, who will receive the funds on the depositor’s death. The trust is revocable at will until the depositor dies or completes the gift. |
constructive trust | An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. |
resulting trust | An implied trust arising from the conduct of the parties; when one party holds the actual legal title to another’s property only for that other person’s benefit. |
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leighg2011
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