You are a life insurance agent and you recognize there\'s a period of time betwe
ID: 2747060 • Letter: Y
Question
You are a life insurance agent and you recognize there's a period of time between when you get an application for insurance from your client and when the application is formally accepted by the insurance company. Which of the following will provide insurance during that period of time?
Temporary Insurance.
Binder.
Warranty of Acceptance.
Insurance Guarantee.
Tom owns a ranch that is only accessible by an easement across Sandra’s ranch. The easement:
Will terminate if Sandra sells her ranch.
Will terminate if Tom dies.
Will terminate if Tom sells his ranch.
Will continue as long as it’s not abandoned or given up by deed.
You are walking across campus and look down and see a $20 bill in the grass. From a legal perspective, the $20 is likely to be:
Stolen.
Misplaced.
Abandoned.
Lost.
Bobby works in the oil patch and for years made a great living, but since the downturn in oil prices his hours have gone from an average of 60 hours a week to around 30 hours a week. His take home pay is now only about ½ of what it was. As a result, he is having problems paying all his bills and has fallen behind in many of the payments. Instead of just walking away from his debts, he wonders if the bankruptcy laws would allow him to make reduced payments over a period of time. Which chapter of the Bankruptcy Code would allow Bobby to accomplish his objective?
Chapter 7
Chapter 11
Chapter 10
Chapter 13
Temporary Insurance.
Binder.
Warranty of Acceptance.
Insurance Guarantee.
Explanation / Answer
Warranty of Acceptance.
Will terminate if Tom sells his ranch.
Chapter 7: Liquidation
Abandoned
Warranty of Acceptance.
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