zIsrael+Diaz

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__**CHAPTER 23`**__ Insurance- is a contractual arrangement that protects against loss. indemnify- when one party pays to compensate for such harm insurer- the party whoo agrees to indemnify insured- the party covered or protected beneficiary- the recipient of the amount to be paid policy- the written contract of insurance face value- stated maximum amount that could be paid if the harm a person is insured against occurs premium- the consideration for a contract of insurance risk- potential loss that is insured against insurable interest- potential to sustain loss if the insured property is damage or destroyed or if the insured person is injured or dies property insurance- insurance that covers for losses resulting from perils such as fire, theft, or windstorm casualty insurance- insurance that covers for losses due to accident, chance, or negligence exclusion-exceptions to insurance coverage fire insurance- property insurance that covers for loss or damage due to fire. endorsements (riders)- modifications made to the standard fire policy to satisfy an insured's needs coinsurance-clause in a fire polocy that requires the insured to maintain coverage equal to a certain percentage of the total currentvalue of the insured property inland marine insurance- insurance that covers against loss or damage to personal property where the property is located or while it is being transported by any means other than by sea liability insurance- insurance that covers personal injury or property damage claims for which the insured is legally responsible automobile insurance- insurance providing liability andother coverages for the operation of a motor vehicle collision insurance- automotive insurance that protects against upset and direct and accidental damage due to colliding aith another subject comprehensive insurance- insurance that covers against all damage to the insured's car except that causes by collision or upset no-fault insurance- insurance that requires that the parties to an automobile accident be covered by their own insurance company, regardless of who is at fault social insurance- indemnifies person, at least partially, from the harsh financial consequences of unemployment, disability, death, or forces retirement

__**Ch. 23 "Think about Legal Concepts"**__
 * 1) The party who agrees to indemnify another is termed the insurer
 * 2) The face amount of a policy is always paid whenever the covered loss is sustained (False)
 * 3) The risk of any and all financial losses can be covered by insurance (False)
 * 4) Which type of insurance covers loss of or damage to property while it is being transported? -Marine
 * 5) The beneficiary's insurable interest must exist at the time of loss for a life insurance policy to pay (True)
 * 6) An insurable interest in property must exist at the time of loss for a fire insurance policy to pay (True)
 * 7) Automobile insurance may be written to indemnify for both casualty and property losses (False)
 * 8) Depreciation is a common exclusion to property insurance coverage (True)
 * 9) Which of the following is not covered in the standard fire policy? -Losses due to inept attorneys
 * 10) A friendly fire that becomes uncontrollable is considered a hostile fire for fire insurance purposes (False)
 * 11) A(n) Omnibus clause extends auto insurance covergae to memebers of the insured's household
 * 12) Which of the following indemnifies against the cost of medicl care necessary to regain physical well-being after an illness? -Health Insurance
 * 13) Unemployment insurance is provided directly by the Social Security Act. (False)
 * 14) A(n) Incontestability clause prohibits an insurer from refusing to perform due to fraud or misrepresentation after a policy has been in effect for one or two years.
 * 15) Double-indemnity coverage requires the insurer to pay half the face amount of the policy if the death of the insured is accidental (False)
 * 16) Which of the following types of social insurance provides health insurance and hospital insurance for people age 65 and older? -Retirement Insurance

=__Ch. 23 ﻿Concepts in Brief__=
 * 1) Although insurance is an excellent way to protect against possible loss, certain risks such as that of doing business cannot be covered.
 * 2) Losses covered by a fire insurance policy will be indemnified only upon a showing that they were mos t likely caused by a hostile fire.
 * 3) A property or casualty insurane policy can be assigned only with the consent of the insurer. The right to recover from an insurer a loss that has already been sustained may be assigned by the insured without consent of the insurer.
 * 4) Coinsurance requires the insured to keep the face value of the policy equal to a certain percentage (usually 80 percent) of the current value of the insured property.
 * 5) The basic purpose of automobile insurance is to provide medical payments coverage, collision and coprehensive coverage, and uninsured and underinsured coverage.
 * 6) No-fault insurance, which indemnifies the insured for various losses sustained in an automobile accident regardless of who had legal responsibility for the accident, is now required by some states.
 * 7) Federal disability insurance provides monthly benefits for a worker and dependents if a severe, long lasting disability is suffered.
 * 8) Social security retirement insurance provides monthly benefits for a worker and dependents whent eh worker retires at age 62 or later.

Decendent- the person who dies Intestate- to die without a will Administrator- (if male) a personal representative Administratrix- (if female) a personal representative Testate- to die leaving a valid will Will- a legal expression, usually in writing, by which a person directs how her or his property is to be distributed after death Testator- (if male) the maker of the will Testatrix- (if female) the maker of the will Executor- (if male) a personal representative for the will maker Executrix- (if female) a personal representative for the will maker Testementary Intent- the clear intetion to make a will Testamentary Capacity- means the maker must know, at least in a general way, the kind and extent of the property involved, the persons who stand to benefit, and that he or she is making arrangements to dispose of his or her property after death Codicil, a formal, written, and witnessed amendment Holographic Will- one that was written entirely the decendent's own hand and signed by him or her Nuncupative Will- oraly made will Escheats- reverts to the state Trust- created when the transferee of the property is a separate entity under law Trustee- the legal entity that has the title to the subject property Settlor- the creator of a trust Beneficiary- the party for who's benefitthe trust is managedi n accordance with the settlor's wishes Inter Vivos Trust- a trust created during the lifetime of the settlor Testamentary Trust- a trust created after the death of the settlor in accordance with directions in her or his will Charitable Trust- a trust created for the fulfillment of an altruistic purpose Private Trust- alternatively, a trust created for a private purpose Spendthrift trust- a type of private trust Express Trusts- trust in which the terms are explicitly stated by the settler Resulting Trust- implied trust formed to hold property for its original owner Constructive Trust- created to require a person holding property to transfer it to another because retention would be a wrongful and unjust enrichment of the holder
 * __CHAPTER 24__**


 * 1) Those who die without a valid will are legally termed to have died intestate. (True)
 * 2) If there are no inheritors of the decendent's estaet, the property __escheats__ to the state.
 * 3) The legal term for an oral will is a nuncupative will.
 * 4) The insertion of a codicil on a will does not have to be witnessed. (False)
 * 5) The typical time for all creditors of the estate to file a claim against it is
 * 6) A trust terminates at the death of the settlor. (True)
 * 7) A trust terminates with the death of the trustee. (False)
 * 8) A resulting trust may be created due to death of a trust's beneficiary. (False)
 * 9) A charitable trust is created for a(n) __private__ purpose.
 * 10) In a spendthrift trust hte beneficiary's creditors can utilize the trust's proerty to satisfy the debts owed to them by the beneficiary. (False)
 * 11) Is a resulting trust an expres trust? -No
 * 12) The two types of implied trusts are the private trust and the spendthrift trust. (
 * 13) The trustee has a responsibility requiring the highest degree of care and loyalty to the benficiary. This is referred to as a

Chapter 4 of your student text detailed the role of the US Supreme Court and indicated that the Court's most important function is the exercise of its appellate jurisdiction. The Supreme Court will ussue a writ of certiorari to the last court that heard a case when they believe that a specific case contains a constituinal issue important enough to be decided by the Supreme Court. Research a case where the Supreme Court issued a writ of certiorari and answer the following questions:

1. What was the constitutional issue surrounding the case? The judicial Power of the United States, vested in one supreme court. inferor courts as the congress may from time to time ordain and establish

2. List the courts (in sequential order) that heard the case. To what court did the Supreme Court issue a writ of certiorari? executive and judicial courts the supreme court passed it to the executive branch

3. What was the outcome of the Supreme Court's decision? the case was granted nd wus respectfully submitted

4. Were any of the Justices in dissent over the majority opinion? If so, what was their argument? the issue in this case is the constitutionality and interpretation of public law. The law was passed by congress and sign into law by the president in May 2001.

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