Question 1

Fixtures are items,once real property,that have been removed to become personal property.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is not one of the typical duties of an insured in connection with an insurance policy?

Accepted Answer

A)  duty to pay premiums 
B)  duty to notify the insurer promptly with respect to any claims 
C)  duty to exercise reasonable care in connection with the risks insured 
D)  duty to cooperate with the insurer in the investigation of claims 
E)  duty to provide complete and accurate information in the application for insurance 
A)  duty to pay premiums 
B)  duty to notify the insurer promptly with respect to any claims 
C)  duty to exercise reasonable care in connection with the risks insured 
D)  duty to cooperate with the insurer in the investigation of claims 
E)  duty to provide complete and accurate information in the application for insurance

Question 3

Real property includes land.

Accepted Answer

A) True 
 B)False

Question 4

How many states have enacted legislation that compensates employees for injuries sustained while working within the scope of their employment?

Accepted Answer

A)  forty-six 
B)  forty-nine 
C)  forty-nine, with worker's compensation legislation pending in Alabama 
D)  forty-nine, with worker's compensation legislation pending in Maine 
E)  fifty 
A)  forty-six 
B)  forty-nine 
C)  forty-nine, with worker's compensation legislation pending in Alabama 
D)  forty-nine, with worker's compensation legislation pending in Maine 
E)  fifty

Question 5

You visit one of your professors in his office and notice approximately ten umbrellas in the corner.You ask if he collects umbrellas,and he replies that he has taught for about twenty years,and that the umbrellas have been left in his classroom by students.Rather than leaving them in the room,he takes them and announces the next day that he has found an umbrella,and that the owner should come to his office to claim it.He even puts a statement on his syllabus that items left in the classroom will be taken to his office for safekeeping,and that students are free to visit and check his "lost and found" whenever they cannot find their property.What are the professor's obligations with respect to the property and the students who own the property? Has the professor acted appropriately?

Accepted Answer

The professor is the finder of misplaced

Question 6

A gift requires delivery in order to be effective.

Accepted Answer

A) True 
 B)False

Question 7

There are no policies of insurance available to cover loss and damage to renter's possessions.

Accepted Answer

A) True 
 B)False

Question 8

What are the three general requirements for determining if a gift is complete,and what is their importance? How does this fit with the contract law principal that a court will not enforce a gift promise?

Accepted Answer

The three general requirements are donat

Question 9

Which of the following is true?

Accepted Answer

A)  Insurance brokers usually work for multiple companies, while insurance agents work for one company. 
B)  Insurance agents usually work for multiple companies, while insurance brokers work for one company. 
C)  Insurance brokers are generally shareholders of the companies they work for, while insurance agents are not. 
D)  There is no real distinction between insurance brokers and insurance agents. 
E)  Insurance agents are regulated by the state, while insurance brokers are not. 
A)  Insurance brokers usually work for multiple companies, while insurance agents work for one company. 
B)  Insurance agents usually work for multiple companies, while insurance brokers work for one company. 
C)  Insurance brokers are generally shareholders of the companies they work for, while insurance agents are not. 
D)  There is no real distinction between insurance brokers and insurance agents. 
E)  Insurance agents are regulated by the state, while insurance brokers are not.

Question 10

Which of the following insurance provisions requires an insured to pay a percentage of the cost of an insured loss?

Accepted Answer

A)  an endorsement 
B)  a rider 
C)  a deductible clause 
D)  a coinsurance clause 
E)  an indemnity clause 
A)  an endorsement 
B)  a rider 
C)  a deductible clause 
D)  a coinsurance clause 
E)  an indemnity clause

Question 11

Once the donee has accepted a gift "causa mortis," it cannot be revoked by the donor.

Accepted Answer

A) True 
 B)False

Question 12

Personal property consists of everything that is not real property.

Accepted Answer

A) True 
 B)False

Question 13

Historically,the bailee must exercise what level of care in a bailment for the bailee's exclusive benefit?

Accepted Answer

A)  utmost 
B)  minimal 
C)  ordinary 
D)  strict liability 
E)  reasonable 
A)  utmost 
B)  minimal 
C)  ordinary 
D)  strict liability 
E)  reasonable

Question 14

Finders of abandoned property must comply with estray statutes in order to acquire title to the found property.

Accepted Answer

A) True 
 B)False

Question 15

Real property includes property that is permanently attached to land.

Accepted Answer

A) True 
 B)False

Question 16

What is the effect of an incontestability clause?

Accepted Answer

A)  The insured cannot file a claim more than a specified time following the insured event. 
B)  The insurer cannot challenge the information in the application after a specified time. 
C)  The insured is required to not challenge the statements made by its own agent. 
D)  The state is prevented from challenging any claim payment decisions of the insurer. 
E)  The insurer is prevented from canceling an insurance policy due to nonpayment. 
A)  The insured cannot file a claim more than a specified time following the insured event. 
B)  The insurer cannot challenge the information in the application after a specified time. 
C)  The insured is required to not challenge the statements made by its own agent. 
D)  The state is prevented from challenging any claim payment decisions of the insurer. 
E)  The insurer is prevented from canceling an insurance policy due to nonpayment.

Question 17

An insured may wish to obtain insurance for specific valuable items such as jewelry,works of art,or furs.This is accomplished by adding a personal effects floater to a homeowner's policy.

Accepted Answer

A) True 
 B)False

Question 18

Owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

Accepted Answer

A) True 
 B)False

Question 19

If personal property is mislaid in a business establishment and found by an employee,who among the following has superior rights to that property?

Accepted Answer

A)  the finder/employee 
B)  the owner of the business 
C)  the police department 
D)  the state government 
E)  the federal government 
A)  the finder/employee 
B)  the owner of the business 
C)  the police department 
D)  the state government 
E)  the federal government

Question 20

Which of the following is false regarding innkeepers' statutes?

Accepted Answer

A)  Most states have enacted innkeepers' statutes. 
B)  Innkeepers' statutes limit the liability of innkeepers. 
C)  In order to come within the protection of such statutes, innkeepers generally need to provide a safe in which guests' valuable property may be kept, and guests need to be made aware of the safe's availability. 
D)  Most states do not allow an innkeeper to limit the dollar amount of its liability by notifying guests of the limit. 
E)  Innkeepers' statutes alter the effect of common law. 
A)  Most states have enacted innkeepers' statutes. 
B)  Innkeepers' statutes limit the liability of innkeepers. 
C)  In order to come within the protection of such statutes, innkeepers generally need to provide a safe in which guests' valuable property may be kept, and guests need to be made aware of the safe's availability. 
D)  Most states do not allow an innkeeper to limit the dollar amount of its liability by notifying guests of the limit. 
E)  Innkeepers' statutes alter the effect of common law.

Exam 37: Personal Property, Bailment, and Insurance

Fixtures are items,once real property,that have been removed to become personal property.

Which of the following is not one of the typical duties of an insured in connection with an insurance policy?

Real property includes land.

How many states have enacted legislation that compensates employees for injuries sustained while working within the scope of their employment?

A gift requires delivery in order to be effective.

There are no policies of insurance available to cover loss and damage to renter's possessions.

What are the three general requirements for determining if a gift is complete,and what is their importance? How does this fit with the contract law principal that a court will not enforce a gift promise?

Which of the following is true?

Which of the following insurance provisions requires an insured to pay a percentage of the cost of an insured loss?

Once the donee has accepted a gift "causa mortis," it cannot be revoked by the donor.

Personal property consists of everything that is not real property.

Historically,the bailee must exercise what level of care in a bailment for the bailee's exclusive benefit?

Finders of abandoned property must comply with estray statutes in order to acquire title to the found property.

Real property includes property that is permanently attached to land.

What is the effect of an incontestability clause?

An insured may wish to obtain insurance for specific valuable items such as jewelry,works of art,or furs.This is accomplished by adding a personal effects floater to a homeowner's policy.

Owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

If personal property is mislaid in a business establishment and found by an employee,who among the following has superior rights to that property?

Which of the following is false regarding innkeepers' statutes?

Legal Heritage and the Information Age

Constitutional Law for Business and E-Commerce

Courts and Jurisdiction

Judicial, Alternative, Administrative, and E-Dispute Resolution

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Ethics and Social Responsibility of Business

Nature of Traditional and E-Contracts

Agreement and Consideration

Capacity and Legality

Genuineness of Assent and Statute of Frauds

Third-Party Rights and Discharge

Breach of Contract and Remedies

Digital Law and E-Commerce

Formation of Sales, Lease, and E-Contracts

Performance of Sales, Leases and E-Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties and Product Liability

Creation and Transfer of Negotiable Instruments

Holder in Due Course and Liability of Parties

Banking System, E-Money, and Financial Reform

Credit and Secured Transactions

Bankruptcy and Reorganization

Agency Law

Small Business, Entrepreneurship, and Partnerships

Corporate Formation and Financing

Corporate Governance and Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Company and Limited Liability Partnership

Franchise and Special Forms of Business

Investor Protection,E-Securities Transactions,and Wall Street Reform

Antitrust Law

Consumer Safety, Consumer Financial Protection, and Environmental Protection

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Real Property, Landlord-Tenant Law, and Land Use Regulation

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