Exam 37: Personal Property, Bailment, and Insurance

Hillary had purchased a term life insurance policy and nominated her mother as the beneficiary,while William,her colleague,had a universal life insurance with himself as the beneficiary.Hillary and William recently got married and wish to nominate each other as beneficiaries in their individual life insurance policies.In the context of the given scenario,which of the following statements is true?

Which of the following is true of a gift causa mortis?

Which of the following clauses protects the insurers from intentional or unintentional material or informative misrepresentation from an insurance applicant?

Lenny stays in a resort during his vacation.While checking out,he mistakenly leaves his cellphone in the suite he stayed in.A resort employee takes the cellphone to the manager who takes possession of it.Which of the following is true regarding the rights over the cellphone?

Constructive delivery,or symbolic delivery,is sufficient for delivering a gift to a donee.

The ________ policy protects real and personal property against loss resulting from lightning,smoke,water damage,and related perils.

Henry works as an assembly line worker at MM Corporation.Two weeks back,he suffered multiple fractures while trying to repair a block in the machinery.The doctors have advised him to take two months of rest to recuperate from this accident.However,Henry is reassured that the ________ that he is eligible for will provide him with a monthly income until he is fit to return to work.

According to the incontestability clause,an insurer may avoid liability on a policy if the applicant concealed material information from the insurer.

Mislaid property refers to property that is ________.

A bailment at will cannot be terminated by a bailee before the expiration of the term.

An insurance broker is an independent contractor who represents a number of insurance companies.

A finder of lost property obtains title to the property against the whole world except the true owner.

Possession occurs when the value of personal property increases by natural or manufactured means.

________ represent rights that cannot be reduced to physical form,such as stock certificates,certificates of deposit,bonds,and copyrights.

Storel,Inc.,a warehouse company,offers storage solutions for businesses.A Storel warehouse is hired by Trendy Apparels for a large consignment of goods.Trendy Apparels,however,failed to reclaim the goods from the warehouse,and it also failed to pay Storel for the expenses related to storage and handling.Which of the following is true of Storel's rights to claim the charges?

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n)________.

A(n)________ is a comprehensive insurance policy that includes coverage for the risks covered by a fire insurance policy as well as personal liability insurance.

In most cases,it is not possible for an insured to cancel an insurance policy before the date of its maturity.

A party who pays a premium to a particular insurance company for insurance coverage is called the insurer.

In the case of bailment for the sole benefit of the bailor,the bailee owes a duty of great care to protect the bailed property.