Exam 48: Introduction to Property, Property Insurance, Bailments, and Documents of Title

Showplace insures its $160,000 building with two insurers: with Hometown Insurance for $60,000 and with National Insurance for $120,000.The building suffers a fire loss of $75,000.From whom and for how much can Showplace collect?

Temporary insurance coverage prior to the issuance of the actual policy may be obtained by use of a(n):

Explain the difference between lost, mislaid, and abandoned property and who has rights to it.

Claudia hires Greg to plant a tree in her yard.Greg discovers a bracelet buried in the ground.Greg owns the bracelet since he is the finder.

Harvey's Car Rental rents Darlene an intermediate-size car at $149 per week for her business trip.What is the relationship between Harvey's and Darlene?

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

Sam finds $1,000 on his way home from school one day.In many states he will become the owner of the money even as to the true owner, if he makes a fruitless search for the owner pursuant to state statute.

Intangible property does not exist in a physical form.

Another term for personal property is:

An insurable interest in property is a financial interest or factual expectancy in someone's property that justifies insuring such property.

A bill of lading serves as:

Why are delivery and acceptance both necessary for a valid gift? Explain.

To prevent the use of the insurance policy for wagering purposes, the person who is to be indemnified under the contract must have:

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers.A few months later, the grain elevator declares bankruptcy.Who owns the grain? Can Farmer Brown get his grain back? Explain.

Which of the following is tangible real property?

A friendly fire is one that is contained to an intended place, such as a fireplace, stove, or barbecue grill.

Insurance protects a business from:

Margaret told Bill she would give him her concert tickets.Later she changed her mind and decided she wanted to use the tickets after all.Is Margaret required to give Bill the tickets?

A bailment may be made of either real or personal property.

The transfer of personal property involves formalities not required in the transfer of real property.