Business law #4 Word Scramble

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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