Question 1

Courts interpret the words used in an insurance policy as if most people have the special training necessary to understand the intricate terminology.

Accepted Answer

A) True 
 B)False

Question 2

In most states, the testator's marriage after the execution of a will may affect the distribution of the estate.

Accepted Answer

A) True 
 B)False

Question 3

Cutting Edge Corporation makes and sells knives, scissors, garden shears, and other cutting devices. To cover injuries to consumers if the products prove defective, Cutting Edge should obtain

Accepted Answer

A)   malpractice insurance.
B)   key-person insurance.
C)   liability insurance.
D)   life insurance.E) All of the above
F) C) and D)

Question 4

With a resulting trust, assets held in the trust can pass to the heirs after going through probate.

Accepted Answer

A) True 
 B)False

Question 5

Once a will is admitted to probate, the decedent's family members can agree among themselves how to distribute the estate, and no court order is needed to clear title to the assets.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Customarily, an insurance company offers to insure individuals and businesses by advertising for applicants, who can either accept or reject the offer.

Accepted Answer

A) True 
 B)False

Question 8

Intestacy laws determine the distribution of property of one who dies without a valid will, and attempt to carry out the likely intent and wishes of the decedent.

Accepted Answer

A) True 
 B)False

Question 9

Idina executes a deed conveying ownership of her home to a trust for the benefit of her son Jim. The trust designates Idina as the trustee. When she dies, the house will pass without going through probate to

Accepted Answer

A)   Jim.
B)   Idina's estate.
C)   the trust.
D)   the state.E) A) and B)
F) All of the above

Question 10

Molly is not married and has no children. She executes a will, disposing of her estate to her sister Nina. Later, Molly marries Owen. They have no children. Molly does not execute a new will before she dies. With respect to Molly's estate, Owen is entitled to

Accepted Answer

A)   everything.
B)   nothing.
C)   one-half.
D)   one-third.E) None of the above
F) B) and D)

Question 11

Flem owns shares of stock in Gas & Oil Inc. To create a trust with the stock for the benefit of his spouse Hanna, Flem must convey the shares to

Accepted Answer

A)   a grantor.
B)   a settlor.
C)   a trustee.
D)   a court.E) A) and C)
F) C) and D)

Question 12

The elements of a trust include actual delivery by the grantor to the beneficiary with the intent of passing title.

Accepted Answer

A) True 
 B)False

Exam 43: Insurance, Wills, and Trusts

In most states, the testator's marriage after the execution of a will may affect the distribution of the estate.

Correct Answer
verified

With a resulting trust, assets held in the trust can pass to the heirs after going through probate.

Correct Answer
verified

Customarily, an insurance company offers to insure individuals and businesses by advertising for applicants, who can either accept or reject the offer.

Correct Answer
verified

Courts interpret the words used in an insurance policy as if most people have the special training necessary to understand the intricate terminology.

Correct Answer
verified

Flem owns shares of stock in Gas & Oil Inc. To create a trust with the stock for the benefit of his spouse Hanna, Flem must convey the shares to

Correct Answer
verified

Cutting Edge Corporation makes and sells knives, scissors, garden shears, and other cutting devices. To cover injuries to consumers if the products prove defective, Cutting Edge should obtain

Correct Answer
verified

The elements of a trust include actual delivery by the grantor to the beneficiary with the intent of passing title.

Correct Answer
verified

Idina executes a deed conveying ownership of her home to a trust for the benefit of her son Jim. The trust designates Idina as the trustee. When she dies, the house will pass without going through probate to

Correct Answer
verified

Molly is not married and has no children. She executes a will, disposing of her estate to her sister Nina. Later, Molly marries Owen. They have no children. Molly does not execute a new will before she dies. With respect to Molly's estate, Owen is entitled to

Correct Answer
verified

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

Correct Answer
verified

Once a will is admitted to probate, the decedent's family members can agree among themselves how to distribute the estate, and no court order is needed to clear title to the assets.

Correct Answer
verified

Intestacy laws determine the distribution of property of one who dies without a valid will, and attempt to carry out the likely intent and wishes of the decedent.

Correct Answer
verified

Exam 43: Insurance, Wills, and Trusts

In most states, the testator's marriage after the execution of a will may affect the distribution of the estate.

Correct AnswerverifiedShow Answer

With a resulting trust, assets held in the trust can pass to the heirs after going through probate.

Correct AnswerverifiedShow Answer

Customarily, an insurance company offers to insure individuals and businesses by advertising for applicants, who can either accept or reject the offer.

Correct AnswerverifiedShow Answer

Courts interpret the words used in an insurance policy as if most people have the special training necessary to understand the intricate terminology.

Correct AnswerverifiedShow Answer

Flem owns shares of stock in Gas & Oil Inc. To create a trust with the stock for the benefit of his spouse Hanna, Flem must convey the shares to

Correct AnswerverifiedShow Answer

Cutting Edge Corporation makes and sells knives, scissors, garden shears, and other cutting devices. To cover injuries to consumers if the products prove defective, Cutting Edge should obtain

Correct AnswerverifiedShow Answer

The elements of a trust include actual delivery by the grantor to the beneficiary with the intent of passing title.

Correct AnswerverifiedShow Answer

Idina executes a deed conveying ownership of her home to a trust for the benefit of her son Jim. The trust designates Idina as the trustee. When she dies, the house will pass without going through probate to

Correct AnswerverifiedShow Answer

Molly is not married and has no children. She executes a will, disposing of her estate to her sister Nina. Later, Molly marries Owen. They have no children. Molly does not execute a new will before she dies. With respect to Molly's estate, Owen is entitled to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Once a will is admitted to probate, the decedent's family members can agree among themselves how to distribute the estate, and no court order is needed to clear title to the assets.

Correct AnswerverifiedShow Answer

Intestacy laws determine the distribution of property of one who dies without a valid will, and attempt to carry out the likely intent and wishes of the decedent.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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