Exam 29: Insurance, wills, and Trusts

If no children or grandchildren survive a decedent who dies without a will,a surviving spouse is entitled to the entire estate.

Orin creates a living trust to pass his assets,including stock in Petro Oil Company and other business investments,to his heirs.One advantage of this arrangement is that

An "X" can qualify as a signature on a will.

An express trust is created or declared in explicit terms.

A coinsurance clause provides that two or more people will be covered by the same life insurance policy.

Kelsey obtains a business liability insurance policy from Loyal Insurance Company for Kelsey's Framing & Art Supplies store.When an event occurs that gives rise to a claim,Loyal has a duty to

Patty,who is divorced,owns a house.She has no reasonable expectation of benefit from the life of Quinn,her ex-spouse,but she applies for insur-ance on his life anyway.She also obtains a fire insurance policy on the house,which she later sells.Five years later,Quinn dies and the house is destroyed in a fire.Can Patty obtain payment on either the death of Quinn or the loss of the house? Explain.

Reno is the beneficiary of a life insurance policy on Sula's life obtained from Traditional Insurance Company.The underwriter of this policy is

To "publish" a will means to release it to the media.

If a life insurance applicant pays a premium but dies before the physical exam,there is obviously no coverage.

Shingle & Tile Roofing Contractor,LLC,obtains an insurance policy against liability for injuries or losses sustained by employees during the course of their employment.The policy covers claims not covered by workers' compensation insurance.This is

Because insurance law follows contract law,bad faith tort actions against insurers are not allowed.