Exam 43: Insurance, wills, and Trusts

Shea makes a will. As a person who makes a will,Shea is

Commerce & Business Insurance,Inc.,has a valid reason to cancel a policy issued to DIY Auto & Truck Parts Company. In most states,Commerce & Business could cancel the policy on

In his will,Bryson makes a gift of $12,000 to Curtis. This is

A valid will is one that represents the maker's intention to transfer and distribute his or her property.

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

Frank applies to GuardDog Insurance Company for homeowners' insurance. The company issues a policy,but later discovers that Frank's application includes several misstatements. Most likely,these misstatements can

Orin is a doctor with Physicians Health Clinic,which obtains insurance from Quotient Insurance,Inc.,on Orin's life. Orin dies. The proceeds of the policy belong to

Gus dies intestate. The debts of the estate are paid by Gus's

Misstatements or misrepresentations in an application for insurance can affect the amount of a premium but cannot void a policy.

Portia is the beneficiary of a life insurance policy on Quentin's life obtained from Renewall Insurance Company through Stan,an insurance broker. The insured of this policy 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

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 resulting trust arises from the conduct of the parties.

Phil is an insurance broker. This means that Phil is

In most states,a person must be eighteen years of age to execute a valid will.

The debts of a decedent must be satisfied out of his or her estate.

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.

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

Adrian applies for,and obtains,casualty insurance coverage from Business Insurance Company for his business,Country Club,Inc. The effective date of the policy is the date

Adam has two children,Bob (the eldest)and Carol,both of whom predecease Adam. Bob is survived by a daughter,Dina,and Carol by two sons,Ed and Fred. On Adam's death,if the estate is distributed per stirpes