Exam 36: Insurance, Wills, and Trusts

In an abatement, the legatees receive increased benefits.

Portia is the beneficiary of a life insurance policy on Quentin’s life obtained from Renewall Insurance Company through Stan, an insurance broker. The insured of this policy is

Adrian applies for, and obtains, casualty insurance coverage from Business Insurance Company for his business, Country Club, Inc. The effective date of the policy is the date​

Cooks Delight Corporation makes and sells kitchen appliances. To cover injuries to consumers if the appliances prove defective, Cooks should obtain

Without an insurable interest, there is no enforceable insurance contract.

A resulting trust arises from the conduct of the parties.

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

Orin is a doctor with Physicians Health Clinic, which obtains insurance from Quotient Insurance, Inc., on Orin's life. Orin dies. The proceeds of the policy belong to​

For Melinda's will to be valid, she must be mentally competent at the time of

The insured can cancel a policy at any time.

Misstatements or misrepresentations in an application for insurance can affect the amount of a premium but cannot void a policy.

The debts of a decedent must be satisfied out of his or her estate.

Property insurance cannot be canceled for nonpayment of premiums.

U-Rents Company wants to insure the equipment that it rents to consumers. To obtain insurance, U-Rents must have an insurable interest in the property​

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 s

A will can be partially revoked.

Under a multiple insurance clause, a homeowner who insures a home for 80 percent of its value can recover only 80 percent of the cost for damage to it.

Ralph creates a trust by his will for the benefit of Stella and her family to come into existence on Ralph's death. This is​

In most states, a person must be eighteen years of age to execute a valid will.

A testator may revoke a will by intentionally tearing it.