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Exam 36: Insurance, Wills, and Trusts

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Question 1

True/False

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Per capita is a method of dividing an intestate share of an estate.

A) True
B) False

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Question 2

Multiple Choice

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Greg obtains from Helpful Insurance Company a policy that provides that Greg has thirty days after a premium's due date to pay it before the policy will be canceled. This is​

A) ​a multiple insurance clause.
B) ​an antilapse clause.
C) ​an appraisal clause.
D) ​an incontestability clause.

E) All of the above
F) None of the above

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B

Question 3

Multiple Choice

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Jackie's will states, "I leave my red Corvette to Angela." This is​

A divorce does not necessarily revoke an entire will.

An insurance company may cancel an insured's policy for any reason and at any time.

Edie holds title to Floyd's property under circumstances that, although nothing is express, indicate this is apparently only for Floyd's benefit. This is

Graham's will leaves $100,000 to his two children, Harry and Ida. When Graham dies, he only has $80,000 to honor his bequests. Harry and Ida each receive $40,000. This is

A trust that a grantor executes orally in contemplation of immediate death is a testamentarytrust.

Estelle owns and operates a commercial dairy farm with her son Gabe. Estelle applies to obtain an insurance policy from Farm & Ranch Insurance Company to pay $1 million to Gabe on Estelle's death. This is

A codicil is a clause in a will affirming an administrator's testamentary capacity.

To probate a will means to release it to the media.

Ruth executes a will naming her nephew Stan as sole beneficiary. Two years later, Ruth executes another will, naming her niece Tammy as sole beneficiary. On Ruth's death

A business organization cannot obtain insurance on the life of a person, even on the life of an individual who is important to that organization.

A person who obtains insurance from an insurance company's agent is not usually protected until a formal written policy is issued.

Insurance policies are governed by the general principles of contract law.

Estimable Credit Company loans funds to Farmland Granaries, LLC, to buy a silo. Estimable obtains an insurance policy from Grangers Insurance, Inc., to cover the silo. Farmland also obtains a policy from Grangers to cover the silo. Later, Farmland sells the silo to Hi-Yield Harvest Company but keeps the policy. Hi-Yield also obtains a pol-icy from Grangers to cover the silo. Estimable agrees to finance Hi-Yield's purchase of the property. A fire totally destroys the silo. Who can recover for the loss?

A word such as "Mom" can qualify as a signature on a will.

Donovan obtains from Equity Insurance Company a policy that provides that if the parties cannot agree on the amount of a loss covered by the policy, an estimate of the value by an impartial third party can be demanded. This is​

Paxton makes a gift of real estate in his will to Orinda. This gift is​

Phil is an insurance broker. This means that Phil is