Exam 45: Planning For The Future: Wills,Trusts,And Insurance

Victor purchased $1 million of insurance on his home even though the house was only worth $500,000.Victor's house was destroyed by lightning.Under the insurance policy,Victor will be able to recover $1 million.

Jose and Juanita are first cousins.Jose lives in San Francisco,California; Juanita lives in Toronto,Canada.The two have met only once in life,and may never meet again.Nonetheless,because they are blood relatives,Juanita has an insurable interest in Jose's life.

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

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

The Uniform Probate Code has been adopted in all states.

Sarah has car insurance.While driving her automobile,Sarah negligently ran a red light and hit Vi's car.Which type of coverage will pay for the damage done to Vi's car?

Jacob has been quite ill.When three of his neighbors come to visit one day,he tells them that he is dying and that he wants them to witness his oral will.In some states,he can validly dispose of his personal property by his witnessed,oral statements.

Myron had two children,Cheryl and Pete,who predeceased him.Cheryl had three children and Pete had one child.Myron died testate.Which of the following is true?

Dr.Gavornne advises his very ill patients to prepare a living will.The purpose of a living will is:

Insurance obtained by a limited partnership on the life of the general partner would be:

Which of the following does not act as a revocation of a will?

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:

The percentage of people dying without a will is approximately:

An insurance policy must meet which of the following?

A trust created in a will is:

Discuss the differences between a will and a trust.

A spouse is entitled to a forced share of a decedent's estate.

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

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?

Pamela applies for a life insurance policy with Forever Young Insurance Company.When completing the application form about past surgeries,Pamela forgot about a past outpatient surgery when she had an infected hang-nail removed and her toe treated.One year after issuing the policy,Pamela died suddenly from a brain aneurysm.Forever Young denies payment under the policy based on misrepresentation.If Pamela's sister,Paula,sues Forever Young,she will: