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Business Law Part 8 Chapters 35-38 Flashcards | StudBud
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Business Law Part 8 Chapters 35-38
Business Law Part 8 Chapters 35-38
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1
A right to use land, such as a right-of-way across another’s land or the use of another’s driveway:
Easement
Comnmunity property
Free simple estate
Life estate
2
A clause or even a whole contract added to another contract to modify, extend, or limit the base contract:
Binder
Premium
Insurance
Rider
3
Contract whereby insurer assumes risk of death of insured for specified time:
Term insurance
Whole life insurance
Endowment insurance
Life insurance
4
Most contracts of surety need not be in writing:
False
True
5
Consideration paid by insured:
Rider
Binder
Insurance
Premium
6
The law requires life insurance companies to provide a grace period of:
Ten days
Thirty to thirty-one days
Five days
Six months
7
Each tenant in common owns an undivided fractional interest in the land:
False
True
8
Insurance contracts must specify the particular risks being transferred from one party to another:
True
False
9
Willful failure to disclose pertinent information:
Lie
Concealment
False representation
Falsehood
10
Floating policies are used to cover circus paraphernalia:
True
False
11
Temporary contact of insurance:
Insurance
Premium
Binder
Rider
12
Person who receives proceeds of life insurance:
Trustee
Insurer (underwriter)
Beneficiary
Executor
13
Goods used or purchased for use in a business, including farming or a profession:
Inventory
Fixtures
Property
Equipment
14
A party who has primary liability is the creditor:
False
True
15
A color of title arises from some defective document purporting to be a deed or a will:
False
True
16
A surety agreement contains the terms of payment and names of the parties:
False
True
17
Improvements made by a residential tenant are generally presumed not to be fixtures:
False
True
18
A life insurance policy which continues until the death of the insured is:
Death policy
Renewable term
Whole life
Term