Unit 4 Review 42-61: Question Preview (ID: 22496)

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When a separate entity under law becomes the transferee of the property, it creates
a) a trust
b) an estate
c) a codicil
d) a council

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 codicil
c) a holographic will
d) a testamentary trust

In most states a person under age 18 does not have
a) testamentary capacity
b) testamentary intent
c) testamentary formality
d) all of these

A will only takes effect
a) upon the death of the maker
b) upon the witnessed signing of it
c) upon official recording of it
d) upon the one-year anniversary of the death of the maker

The clear intention to make a will without undue influence of others is called
a) testamentary intent
b) testamentary capacity
c) testamentary formality
d) all of these

Theft insurance, automobile insurance, and disability insurance are all examples of what type of insurance?
a) casualty
b) marine
c) endowment
d) none of these

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) insurable interest
b) damage potential
c) inclusion
d) theft insurance

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

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) casualty insurance
c) beneficiary insurance
d) surety bond

Stan and Maureen own a company. What could they purchase to provide coverage against financial loss caused by a dishonest employee?
a) fidelity insurance
b) disability insurance
c) endorsement
d) coinsurance

The primary source for social insurance coverage in the country is the
a) Social Security Act
b) Federal Insurance Contributions Act
c) Retirement , Survivors' Disability, and Health Insurance Act
d) Medicare Act

A trust created during the lifetime of the settlor is
a) an inter vivos trust
b) a charitable trust
c) a spendthrift trust
d) a testamentary trust

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) administrator
b) testator
c) executor
d) none of these

Which of the following statements regarding the revocation of a will is untrue?
a) a codicil will revoke an existing will and replace it with a new one
b) destroying an existing will clearly revokes it
c) In some states an existing will is immediately revoked if the maker marries or has a child
d) divorce does not automatically cancel an existing will

Which of the following situations would create an invalid will for Jan?
a) Jan wants to create a will, she is 65, her children serve as witnesses to her will
b) Jan wants to create a will, she understands the property involved, and she is over 18
c) Jan wants to create a will, she has full mental capacity, and writers her will
d) Jan wants to create a will, is not senile, and her lawyers secretary witnesses her will

Which of the following statements regarding a trust is untrue?
a) the trust usually terminates at the death of the trustee
b) the trustee has a fiduciary responsibility
c) a trust is created and managed for the benefit of the transferor
d) trustees can be paid for their services

Goods such as one's car, clothing, or watch are
a) tangible personal property
b) intangible personal property
c) real property
d) intellectual property

When the owners knowingly leaves the property somewhere but then forgets it, the property is considered
a) mislaid
b) abandoned
c) lost
d) worthless

When you purchase land, you also gain ownership of
a) the airspace above the surface
b) the mineral rights underneath the surface
c) the waters rights on and under the surface
d) all of these

The tenant has the right to
a) all of these
b) possession
c) use the property
d) sublet the premises

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