Exam 47: Introduction to Property, Property Insurance, Bailments, and Documents of Title

The UCC does not cover:

A type of insurance in which the insured and the insurer share the risk of a loss due to fire is:

Fire insurance policies vary from state to state in the United States.

A straight bill of lading under which goods are deliverable only to a person named in the bill may be transferred by assignment or negotiation.

An ordinary bailee becomes liable to the bailor for any loss or injury to the goods, regardless of the cause and without regard to the question of his care or negligence.

Lack of consideration is the basic distinction between a gift and a sale.

Barbara put her old clothes in a box in the bedroom of her roommate.The roommate now owns the clothes, because they are presumed to be a gift.

Which of the following is not a function of a bill of lading?

A transaction in which the owner gives possession of his personal property to another to secure a debt is:

Dr.Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes.The tables are firmly attached to the floor of the space he rents for his office.If Dr.Olson decides to move his office, which of the following is correct?

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

The anthropology department of Towers University is doing an excavation on property that belongs to Farmer Brown.If in the process of excavation the university finds some valuable lost items, they will belong to Farmer Brown and not to the university.

A gift causa mortis is contingent upon:

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

The basic principles of contract law apply to insurance policies.

In determining whether an item is a fixture, which of the following will be considered?

Larry leaves his hat under the seat at the movie theater.Is this a bailment?

If Keisuki insures his building for $300,000 and at the time of its total loss the property is valued at $250,000, under an open policy Keisuki would recover $300,000.

Rights represented by a stock certificate or a promissory note are examples of intangible property.

Taylor Corp.rents a warehouse where it conducts a small manufacturing operation.As a condition of its lease, it pays a fire insurance premium.Taylor needs more room and rents larger quarters.Taylor then subleases its old warehouse to Mack.Taylor also assigns its already-paid insurance policy to Mack.This action is: