Exam 44: Planning for the Future: Estates and Insurance

Darcy buys a life insurance policy on her own life,under which she pays the annual premiums.The insurance is issued for a specific period,but is renewable for similar periods.Darcy is covered only as long as she makes the payments.There is no cash value portion to the policy.Darcy probably owns

Estate planning has two primary goals: to ensure property is distributed as the owner desires and to minimize estate taxes.

The only function of a will is to dispose of a person's property upon death.

Discuss the differences between a will and a trust.

The percentage of a decendent's estate that a spouse can claim is called a forced share.

A later will revokes a prior will only if that revocation is clearly stated.

Which of the following insurance policies continues for a stated period of time with the premiums increasing with the age of the insured?

In order to travel extensively and not worry about handling her affairs,Lee transfers most of her assets into a trust,with her bank serving as trustee.She has created ________ trust.

Legal requirements for a will depend on state law,but generally include all but which of the following?

Per capita means each heir gets an equal share of an estate.

Identify four ways a trust can be terminated.

Joel is displeased with his son's lifestyle choices and,instead of dividing his estate,Joel wants to leave all of his property to his daughter,Marie,when he dies.Joel may

Singleton,an eighty-year-old widower,remarried.The next day,he made a will leaving everything to his son,Joey.A week after his marriage,Singleton died.How will his estate be handled?

Under which of the following does the insurer promise to pay the insured a fixed yearly amount,as guaranteed income,after the insured attains a specified age?

The major disadvantage of a trust is

Under the Uniform Anatomical Gift Act,

If Walter becomes incompetent to manage his affairs,

Which of the following property is NOT affected by a will?

A trust created in a will is

Which of the following is generally covered under casualty insurance?