Question 1

Constructive delivery can create a bailment.

Accepted Answer

A) True 
 B)False  True

Question 2

Deductible clauses provide that insurance proceeds are payable after the insured pays a coinsurance.

Accepted Answer

A) True 
 B)False  False

Question 3

Generally,a finder of mislaid property has superior rights to that property against everyone except the original owner.

Accepted Answer

A) True 
 B)False  False

Question 4

A statute that allows a finder of lost or mislaid property to obtain good title is what kind of statute?

Accepted Answer

A)  an escheat statute 
B)  a fixture statute 
C)  a "losers-weepers" statute 
D)  an estray statute 
E)  an accession statute 
A)  an escheat statute 
B)  a fixture statute 
C)  a "losers-weepers" statute 
D)  an estray statute 
E)  an accession statute

Question 5

What are the two primary duties of insurers to their insured?

Accepted Answer

A)  pay legitimate claims, and act to minimize losses to the insured 
B)  pay legitimate claims, and make sure the insured purchases appropriate and adequate levels of insurance 
C)  pay legitimate claims, and make sure that the proceeds paid for claims are properly used 
D)  pay legitimate claims, and defend the insured against lawsuits brought in connection with claims covered by the policy 
E)  minimize risks to the insured, and provide reasonably-priced coverage 
A)  pay legitimate claims, and act to minimize losses to the insured 
B)  pay legitimate claims, and make sure the insured purchases appropriate and adequate levels of insurance 
C)  pay legitimate claims, and make sure that the proceeds paid for claims are properly used 
D)  pay legitimate claims, and defend the insured against lawsuits brought in connection with claims covered by the policy 
E)  minimize risks to the insured, and provide reasonably-priced coverage

Question 6

A "gift causa mortis" differs from an "inter vivos" gift,in that a gift causa mortis:

Accepted Answer

A)  has different requirements regarding consideration. 
B)  requires witnesses to be effective. 
C)  can only be made to family members. 
D)  sometimes is automatically revoked. 
E)  may not be revoked by the donor. 
A)  has different requirements regarding consideration. 
B)  requires witnesses to be effective. 
C)  can only be made to family members. 
D)  sometimes is automatically revoked. 
E)  may not be revoked by the donor.

Question 7

A stock certificate is an example of:

Accepted Answer

A)  tangible, personal, private property. 
B)  intangible, personal, private property. 
C)  intangible, real, private property. 
D)  intangible, personal, public property. 
E)  tangible, real, public property. 
A)  tangible, personal, private property. 
B)  intangible, personal, private property. 
C)  intangible, real, private property. 
D)  intangible, personal, public property. 
E)  tangible, real, public property.

Question 8

With disability insurance,the payments made to the insured are generally based on the degree of disability.

Accepted Answer

A) True 
 B)False

Question 9

In a bailment,the bailee must follow the bailor's directions concerning the goods.

Accepted Answer

A) True 
 B)False

Question 10

Most intangible property is transferred by written conveyance.

Accepted Answer

A) True 
 B)False

Question 11

Mary purchases automobile insurance incorporating all types of coverage available.Mary is driving home from work one afternoon when there is a severe thunderstorm threatening the town in which she lives.She hears on the radio that this storm contains large hail.She initially considers going directly home (without making a planned stop at a building supply store)so that she can put the car in her garage,but she decides to take a chance and stop at the store anyway.While she is in the store,heavy hail falls and breaks out three of the windows in her car.Just as she is leaving,she notices a couple of vandals,who break out the remaining windows of her car and flee.Which would be covered under the comprehensive portion of Mary's auto insurance policy?

Accepted Answer

A)  both the hail damage and the vandalism damage 
B)  the vandalism damage, but not the hail damage, because she assumed the risk by choosing to leave her car parked outside in the storm 
C)  Damage from neither source would be covered, because by choosing to park her car outside in the storm, Mary was the proximate cause of both types of damage. 
D)  the damage from the hailstorm, but not the vandalism, because the vandalism was the willful act of third parties who are responsible for the damage they caused 
E)  the damage from the hailstorm, but the vandalism damage only if the vandals are caught and prosecuted 
A)  both the hail damage and the vandalism damage 
B)  the vandalism damage, but not the hail damage, because she assumed the risk by choosing to leave her car parked outside in the storm 
C)  Damage from neither source would be covered, because by choosing to park her car outside in the storm, Mary was the proximate cause of both types of damage. 
D)  the damage from the hailstorm, but not the vandalism, because the vandalism was the willful act of third parties who are responsible for the damage they caused 
E)  the damage from the hailstorm, but the vandalism damage only if the vandals are caught and prosecuted

Question 12

What does the Uniform Gift to Minors Act provide for?

Accepted Answer

A)  the mandatory method for making gifts to minors revocable 
B)  the procedures that a minor follows in order to reject an unwanted gift 
C)  a way for an adult to have some control over the use of a gift made to a minor 
D)  the rights of siblings to receive reasonably-similar gifts when parents make gifts to their children 
E)  the procedures that a minor must follow upon receipt of any gift 
A)  the mandatory method for making gifts to minors revocable 
B)  the procedures that a minor follows in order to reject an unwanted gift 
C)  a way for an adult to have some control over the use of a gift made to a minor 
D)  the rights of siblings to receive reasonably-similar gifts when parents make gifts to their children 
E)  the procedures that a minor must follow upon receipt of any gift

Question 13

What is the correct order,from greatest rights to least rights,of the rights acquired by a finder upon discovering the following kinds of property?

Accepted Answer

A)  lost property, abandoned property, mislaid property 
B)  abandoned property, lost property, mislaid property 
C)  mislaid property, lost property, abandoned property 
D)  mislaid property, abandoned property, lost property 
E)  abandoned property, mislaid property, lost property 
A)  lost property, abandoned property, mislaid property 
B)  abandoned property, lost property, mislaid property 
C)  mislaid property, lost property, abandoned property 
D)  mislaid property, abandoned property, lost property 
E)  abandoned property, mislaid property, lost property

Question 14

Assuming that a finder of property would like to keep the property,what would the finder prefer that the property be classified as?

Accepted Answer

A)  lost property 
B)  mislaid property 
C)  From the finder's perspective, it makes no difference how the property is classified. 
D)  The finder can choose the classification most beneficial to him or her. 
E)  estrayed property 
A)  lost property 
B)  mislaid property 
C)  From the finder's perspective, it makes no difference how the property is classified. 
D)  The finder can choose the classification most beneficial to him or her. 
E)  estrayed property

Question 15

Directors' and officers' liability insurance protects directors and officers from liability for the actions they take on behalf of the corporation.

Accepted Answer

A) True 
 B)False

Question 16

The owner of the premises where the property is mislaid is entitled to take possession of the property against all except the rightful owner.

Accepted Answer

A) True 
 B)False

Question 17

Confusion occurs if two (2)or more persons commingle fungible goods.

Accepted Answer

A) True 
 B)False

Question 18

Hotels are not required to provide guests with a safe.

Accepted Answer

A) True 
 B)False

Question 19

A gift made during a person's lifetime that is a revocable future transfer of ownership is a gift inter vivos.

Accepted Answer

A) True 
 B)False

Question 20

"No-fault" automobile insurance covers all expenses of a driver involved in a collision,as long as he or she was not at fault.

Accepted Answer

A) True 
 B)False

Exam 37: Personal Property, Bailment, and Insurance

Constructive delivery can create a bailment.

Deductible clauses provide that insurance proceeds are payable after the insured pays a coinsurance.

Generally,a finder of mislaid property has superior rights to that property against everyone except the original owner.

A statute that allows a finder of lost or mislaid property to obtain good title is what kind of statute?

What are the two primary duties of insurers to their insured?

A "gift causa mortis" differs from an "inter vivos" gift,in that a gift causa mortis:

A stock certificate is an example of:

With disability insurance,the payments made to the insured are generally based on the degree of disability.

In a bailment,the bailee must follow the bailor's directions concerning the goods.

Most intangible property is transferred by written conveyance.

What does the Uniform Gift to Minors Act provide for?

What is the correct order,from greatest rights to least rights,of the rights acquired by a finder upon discovering the following kinds of property?

Assuming that a finder of property would like to keep the property,what would the finder prefer that the property be classified as?

Directors' and officers' liability insurance protects directors and officers from liability for the actions they take on behalf of the corporation.

The owner of the premises where the property is mislaid is entitled to take possession of the property against all except the rightful owner.

Confusion occurs if two (2)or more persons commingle fungible goods.

Hotels are not required to provide guests with a safe.

A gift made during a person's lifetime that is a revocable future transfer of ownership is a gift inter vivos.

"No-fault" automobile insurance covers all expenses of a driver involved in a collision,as long as he or she was not at fault.

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