Question 1

Jacob has been quite ill.When three of his neighbors come to visit one day,he tells them that he is dying and that he wants them to witness his oral will.In some states,he can validly dispose of his personal property by his witnessed,oral statements.

Accepted Answer

A) True 
 B)False

Question 2

An insurance policy must meet which of the following?

Accepted Answer

A) state statutory requirements for tort law 
B) federal statutory requirements for tort law 
C) common law requirements for contracts 
D) common law requirements for tort law

Question 3

Victor purchased $1 million of insurance on his home even though the house was only worth $500,000.Victor's house was destroyed by lightning.Under the insurance policy,Victor will be able to recover $1 million.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following does NOTact as a revocation of a will?

Accepted Answer

A) Creating a codicil 
B) The testator's putting an X through it 
C) Physically destroying the will by intentionally shredding it 
D) Signing a new will that expressly revokes prior wills

Question 5

Lying on her hospital bed alone one night,Phyllis grabs a pen and paper.With the last of her strength,she wrote her last will and testament leaving all her worldly possessions to her next-door neighbor,Aaron.This type of will is

Accepted Answer

A) a nuncupative will. 
B) a disinherited children's share will. 
C) a holographic will. 
D) illegal in all states.

Exam 44: Planning for the Future: Estates and Insurance

Jacob has been quite ill.When three of his neighbors come to visit one day,he tells them that he is dying and that he wants them to witness his oral will.In some states,he can validly dispose of his personal property by his witnessed,oral statements.

An insurance policy must meet which of the following?

Victor purchased $1 million of insurance on his home even though the house was only worth $500,000.Victor's house was destroyed by lightning.Under the insurance policy,Victor will be able to recover $1 million.

Which of the following does NOTact as a revocation of a will?

Lying on her hospital bed alone one night,Phyllis grabs a pen and paper.With the last of her strength,she wrote her last will and testament leaving all her worldly possessions to her next-door neighbor,Aaron.This type of will is