Exam 43: Insurance, wills, and Trusts

Kelsey obtains a business liability insurance policy from Loyal Insurance Company for Kelsey's Modeling & Hobby Crafts store. When an event occurs that gives rise to a claim,the insurance company has a duty to

Edie holds title to Floyd's property under circumstances that,although nothing is express,indicate this is apparently only for Floyd's benefit. This is

In his will,Terrence leaves $10,000 to each of his three children. However,after Terrence dies and all his debts are paid,there is only $9,000 left in his estate. Each child will receive

A will can be an informal document and need not follow statutory requirements.

A testator may revoke a will by intentionally tearing it.

The owners of Designer Apps,Inc.,want to execute wills. Eve is fifteen years old,Fran is seventeen,and Gail is nineteen. In most states,those with the capacity to execute a will are

Energy Industries,Inc.,obtains insurance policies with Fidelity Insurance,Inc.,and Goodworth Insurance Company against the risk of loss of Energy's property. Each policy includes a multiple insurance clause. A fire partially destroys one of Energy's buildings. Energy can collect from Fidelity

Under an antilapse clause,an insurance policy will not lapse under any circumstances.

Trial Lawyers,P.A.,obtains an insurance policy that protects its members against negligence claims by their clients. This is

Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie,an agent who works for Neighbors. In this transaction,Obie is

An incontestability clause prohibits an insurer from contesting statements made in an insurance application until a specified time has elapsed.

Ruth executes a will naming her nephew Stan as sole beneficiary. Two years later,Ruth executes another will,naming her niece Tammy as sole beneficiary. On Ruth's death