Exam 37: Personal Property, Bailment, and Insurance

A bailment may be either express or implied.

A customer goes into a restaurant in Jackson,Wyoming.He sits down at a table and finds a Wyoming state road map and four unused Jackson Hole lift tickets attached to the map.These are sitting on the table where a previous customer has just sat.This is most likely:

Which of the following best describes a "key-person" insurance policy?

A(n)________ occurs when the owner of personal property delivers his or her property to another person,either to be held,stored,or delivered or for some other purpose.

The creation of a bailment requires contractual formality.

House-sitting would be an example of a bailment,because e the house-sitter is in temporary possession of someone's house,with the intention to return full possession to the owner upon his or her return.

"Key-person" life insurance covers the lives of owners and other important persons who work for the business.Upon the death of the insured person,key-person life insurance is paid to the measuring life's heirs.

A bailment where money is paid by one party to the other is usually described as:

Bob is twenty-five years old and has a forty-year-old uncle who has recently entered his second adolescence.Bob is close to his uncle,although the uncle does not provide Bob with any support.Within the past year,Bob's uncle has obtained a divorce,bought a large customized motorcycle,and begun smoking and drinking heavily.In addition,he patronizes bars known for periodic violence.Bob decides that taking out a life insurance policy on his uncle would be a good investment.In this situation:

Tangible property represents rights that cannot be reduced to physical form,such as stock certificates,certificates of deposit,bonds,and copyrights.

Which of the following is most likely to be considered a "fixture?"

Which of the following allows insurance to remain in effect when an insured's premium payment is overdue?

Insurance is defined as a contract whereby one party undertakes to indemnify another against loss,damage,or liability arising from a contingent or unknown event.

Josh goes to Billy Bob's Steakhouse for dinner and puts his coat in an attended cloakroom.He is given a ticket which he must present in order to retrieve the jacket.Josh and Billy Bob's are parties to a bailment contract.

You find a wallet on the ground in the parking lot of your apartment complex.Which is most likely true?

A tree that is part of a forest is real property,while a tree that is cut down is a fixture.

Personal property is sometimes referred to as chattel property.

Federal law requires a common carrier who limits liability to a stated dollar amount to offer shippers the opportunity to pay a premium and declare a higher value for the goods.

Ace Appliance,Inc.delivered and installed an under-the-counter dishwasher in Maria's house.This dishwasher is considered a fixture.

Collision insurance is property insurance that covers the insured's vehicle against risk of loss or damage when it is struck by another vehicle.