Bailor - Study guides, Class notes & Summaries

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 Ademption the extinction or withdrawal of an inheritance because decedent did not own the named property at time of death Administrator appointed by the court to settle the estate of the deceased who died without a last Will and Testament (personal representative) Agent driver under directions and control of the funeral establishment which is liable...

Actual cash value is defined as..... - Answer replacement cost minus depreciation. Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss. - Answer Agreed Value Basis The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______. - Answer Bailor, Bailee The insurer has the right to take possession of damaged prop...

Real Property - Answer-land and things attached to the land Real Property Mortgage - Answer-legal agreement by which a bank or other creditor lends money at interest in exchange for taking the title of the debtor's real property, with the condition the conveyance of title becomes void upon the payment of the debt Conveyancing - Answer-act of transferring property title from one person to another Deed - Answer-the official document transferring ownership from seller to buyer Title - Answe...

Abatement correct answers 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. Acutal Custody of the Body correct answers the physical possession of the dead human body. Ademption correct answers the extinction or withdrawal of a legacy under a will by an act equivalent to revocation. Administrative Agency correct answers an appointed governmental body charged with implementing particular legislation. ...

Broker - ANSWER-acts on behalf of insured in negotiating insurance. they work for clients. have no binding authority- can't put risk in place Agent - ANSWER-acts on behalf of insurance company with whom they are contracted. signs contract. never work for clients only company. Agents binding authority 3 sources - ANSWER-Expressed- actual written agency contract Apparent- companies supplied signs, business cards, etc. Implied- accepting premiums after cancellation 2 Types of Agents - A...

Mortuary Law Mid-term exam study set (AAMI) Questions With Correct Answers True or false: Funeral goods that are sold by the funeral home carry an implied warranty of merchantability. True True or False: The Magnuson-Moss Warranty Act is a federal statute which governs only express warranties. False True or False: The Magnuson-Moss Warranty Act is a federal statute which governs both express and implied warranties. False The Magnuson-Moss Warranty Act allows Funeral Homes (sellers of me...

CIC Commercial Property Exam Questions with Answers Actual Cash Value (ACV) - Answer ️️ replacement cost less an allowance for insurance depreciation, wear and tear, or obsolescence Advance premium - Answer ️️ initial premium paid to begin coverage on a policy Agreed Value - Answer ️️ a limit agreed upon by the underwriter and Named Insured that is deemed adequate, therefore, suspending the coinsurance clause Bailee - Answer ️️ person or organization that has possession of ...

Personal Lines Exam Prep Questions With Solutions Actual cash value is defined as..... replacement cost minus depreciation. Fine arts are typically insured on an ______ ______ _____, whereby an insured, and insured agree, at time of insuring, on an amount of insurance to be paid at the event of a loss. Agreed Value Basis The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning the clothes is the ______. Bailor, Bailee The insurer has the right to take possession...

Insurable Interest - An interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred. Factual expectancy - A situation in which a party experiences an economic advantage if an insured event does not occur or, conversely, economic harm if the event does occur. Agent - In the agency relationship, the party that is authorized by the principal to act on the principal's behalf. Trus...

Texas Property and Casualty State Licensing Exam Questions & Answers (100% Expert Verified) Texas Property and Casualty State Licensing Exam Questions & Answers (100% Expert Verified) Proximate Cause - ANSWER - Having the most significant impact in bringing about the loss when two or more perils occur at the same time. The first domino that tips of the domino effect. Proximate Cause - ANSWER - Pot of oil catches fire burning the kitchen and causing significant fire damage. Not only is the...