Bailor - Study guides, Class notes & Summaries

CIC COMMERCIAL MULTI-LINE EXAM PREP QUESTIONS AND ANSWERS Bailor- may have their own coverage on goods bailor policy will contain provision that prevents protection from any bailee Identify and apply Property Covered and Property Not Covered by this AAIS Builders Risk Coverage Form - Answer-Property Covered: Building/ Structure Materials to be permanetly installed backfilling, foundation, grading scaffolding temp. fencing + temp structures Property Not Covered: Contraband...

Abatement A proportional reduction of a legacy under a will when assets out of which such legacy are payable are not sufficient to pay it in full Actual Custody The physical possession of the dead human body or other property Ademption The extinction or withdrawal of an inheritance because decedent did not own the named property at the time of death Administrative Agency A governmental body created by legislation, empowered to regulate and issue rules and regulations ...

Marine Policies Cover: - Answer--Imports - Goods coming into the USA -Exports - Goods leaving the USA -Domestic shipments - Goods moving around the USA -Instruments of transportation and communication - Not necessarily mobile but facilitate movement of goods ─ Bridges ─ Tunnels ─ Piers, wharfs, docks ─ Railways ─ Pipelines ─ Transmission lines ─ Communication equipment - towers, antennas, etc. - Floaters (property that does not always stay at described location) Fi...

Abatement - correct answer a proportional reduction of a legacy under a will when assets out of which such legacy are payable are not sufficient to pay it in full Actual custody - correct answer the physical possession of the dead human body or other property. Ademption - correct answer The extinction or withdrawal of an inheritance because decedent did not own the named property at the time of death. Administrative agency - correct answer a governmental body created by legislation empo...

CIC Commercial Multi-Line Exam Questions and Answers Describe how inland marine insurance started - Answer ️️ -evolved from ocean marine -filled gap in coverage as good transitioned from ocean marine -cover goods in transit over land Does inland marine also apply to instruments of transportation and communication? - Answer ️️ Yes, ex. Bridges, tunnels, piers, cell towers, pipelines. What is the basic exclusion applicable to inland marine? - Answer ️️ Property in a fixed loca...

Bailment - Delivery of property from a bailor to a bailee with an obligation by the bailee to return it. Book Accounting - Method of accounting used to report a company's financial activity. Bundle Lease - A lease that includes additional services such as maintenance, insurance and property tax that are paid by the lessor. Business Lease - A lease in which the lessee has entered in to it for business purposes.

LEGL 2700 Test 3 Epstein UGA 2024 Exam Actual Real Set Questions With Revised Correct Answers | Passed!! state controlled/communism - Answer -the government controls all the resources property-based/capitalism - Answer -laws enable citizens to acquire, possess, and use resources private property - Answer -establishes necessary condition for capital formation real property - Answer -land, interests in land, buildings (surface, air, subsurface, fixtures) personal property - Answer -...

CPCU 530 Test Questions with Correct Answers Bailor - Answer-The owner of the personal property in a bailment. Implied-in-law contract - Answer-An obligation that is not an actual contract but that is imposed by law because of the parties' conduct or some special relationship between them or because one of them would otherwise be unjustly enriched Implied-in-fact contract - Answer-A contract that is not express but that the parties presumably intended, either by tacit understanding or b...

Intangible Property - ️️(personal) not physical. Intellectual property, securities. May only include right to include, right to exclude. i.e.. Patents, copyrights, trademarks. . lost items - ️️in order to be claimed must follow a statutory procedure. VS mislaid (items go to the person who own the premise. Real Property - ️️law applies to land and interests in land. (all other resources are protected by personal property law) Personal Property - ️️applies to moveable resour...

Bailee - ANSWER the party who acquires possession, but not the title, of personal property by one party to another, under agreement Bailment - ANSWER the transfer of possession but not the title of personal property by one party to another, under agreement Bailor - ANSWER the party who gives up possession, but not the title, of personal property in a bailmen