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Unit 4 Review 42-61
Test Description: Unit 4 Review Part 3
Instructions: Answer all questions to get your test result.
1) The primary source for social insurance coverage in the country is the
A
Retirement , Survivors' Disability, and Health Insurance Act
B
Social Security Act
C
Medicare Act
D
Federal Insurance Contributions Act
2) Stan and Maureen own a company. What could they purchase to provide coverage against financial loss caused by a dishonest employee?
A
endorsement
B
disability insurance
C
fidelity insurance
D
coinsurance
3) Devon purchased a type of insurance that will pay his wife a set amount in the event of this death. This type of insurance is known as
A
life insurance
B
surety bond
C
beneficiary insurance
D
casualty insurance
4) Emma just purchased automobile insurance. The portion of Emma's automobile insurance that protects her vehicle if it should collide with her next door neighbors's tree is called
A
collision
B
comprehensive
C
negligence cluase
D
inland marine
5) Manny and Austin own a three-story office building. If the building were damaged or destroyed they could sustain a loss. The potential to sustain loss is known as
A
damage potential
B
inclusion
C
insurable interest
D
theft insurance
6) Theft insurance, automobile insurance, and disability insurance are all examples of what type of insurance?
A
marine
B
none of these
C
casualty
D
endowment
7) The clear intention to make a will without undue influence of others is called
A
testamentary intent
B
all of these
C
testamentary formality
D
testamentary capacity
8) In most states a person under age 18 does not have
A
testamentary capacity
B
testamentary formality
C
testamentary intent
D
all of these
9) A will only takes effect
A
upon official recording of it
B
upon the death of the maker
C
upon the witnessed signing of it
D
upon the one-year anniversary of the death of the maker
10) If proclaimed during the maker's last illness of by service personnel on active duty, some states will recognize
A
a nuncupative will
B
a testamentary trust
C
a holographic will
D
a codicil
11) When a separate entity under law becomes the transferee of the property, it creates
A
a codicil
B
a trust
C
an estate
D
a council
12) A trust created during the lifetime of the settlor is
A
a testamentary trust
B
a charitable trust
C
a spendthrift trust
D
an inter vivos trust
13) When Betty dies, her children can find no evidence of a will. The probate court, has the power to settle Betty's extensive estate and appoints Jerry to take charge of Betty's property. Jerry is the
A
testator
B
executor
C
none of these
D
administrator
14) Which of the following statements regarding the revocation of a will is untrue?
A
In some states an existing will is immediately revoked if the maker marries or has a child
B
a codicil will revoke an existing will and replace it with a new one
C
destroying an existing will clearly revokes it
D
divorce does not automatically cancel an existing will
15) Which of the following situations would create an invalid will for Jan?
A
Jan wants to create a will, is not senile, and her lawyers secretary witnesses her will
B
Jan wants to create a will, she has full mental capacity, and writers her will
C
Jan wants to create a will, she understands the property involved, and she is over 18
D
Jan wants to create a will, she is 65, her children serve as witnesses to her will
16) Which of the following statements regarding a trust is untrue?
A
trustees can be paid for their services
B
the trustee has a fiduciary responsibility
C
the trust usually terminates at the death of the trustee
D
a trust is created and managed for the benefit of the transferor
17) Goods such as one's car, clothing, or watch are
A
real property
B
intangible personal property
C
tangible personal property
D
intellectual property
18) When the owners knowingly leaves the property somewhere but then forgets it, the property is considered
A
mislaid
B
abandoned
C
worthless
D
lost
19) When you purchase land, you also gain ownership of
A
the mineral rights underneath the surface
B
the airspace above the surface
C
all of these
D
the waters rights on and under the surface
20) The tenant has the right to
A
possession
B
sublet the premises
C
all of these
D
use the property
*select an answer for all questions
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