1. To recover under a property insurance policy, an insurance interest must exis

Question

1. To recover under a property insurance policy, an insurance interest must exist:
When the policy is issued             At the time of the loss
a) Yes                                                            Yes
b) Yes                                                            No
c) No Yes
d) No No

13. There is no strict liability for tort actions based on defective products – instead, the plaintiff is limited to a negligence cause of action or, possibly, a breach of contract cause of action.
a) True b) False

14. The factual causation element of negligence concerns that following questions “was there a sufficiently close connection between the defendant’s breach of his/her duty of due care and the plaintiff’s injury, so that is it fair- and not deleterious to society – to hold the defendants liable?”
a)True b) False

16. It is prudent to grant someone a general power of attorney – a specific power of attorney is a gangrenous document
a) True b) False

25. Tom, Dick, and Harry are planning to start a for-profit business. They want to manufacture widgets. It is important to each of them that they have no personal liability for the new business’s obligations, and that the business will continue even if ones of the three dies. These are the only considerations of the parties bases on just these facts, what types of business organization is the most appropriate?

a) Sole proprietorship
b) Partnership
c) Corporation
d) Joint venture


27. A single act can ______ be a crime and a tort.
   a) never
   b) often
   c) rarely
   d) non of the above

Explanation / Answer

1-c

13-True

14-true

16-True

25-Corporation

27-often

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