zAlex+Sanchez-Reyes

= ﻿ = =media type="custom" key="7845513"= =Chapter 23 Vocabulary= Insurance: a contractual arrangement that protects against loss. Indemnify: when one party pays to compensate for a harm Insurer: the party who 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: the 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: the possible loss arising from injury to or death of a person or from damage to property from a specified peril Insurable Interest: potential to sustain loss if the insured property is damaged or if the insured person is injured or dies Property Insurance: the general type of insurance intended to indemnify for harm to the insured's personal or real property brought about by perils such as fire, theft, and windstorm Casualty Insurance: the type of insurance that indemnifies for losses resulting from accident, chance, or negligence Exclusions: exceptions to coverage relieve the insurance company from paying Fire Insurance: the type of insurance that convers the direct loss of prperty resulting from fire, lightning strike, or removal from premises endangered by fire Endorsements: modifications made to the standard fire policy to satisfy an insured's needs Coinsurance: a clause in a fire insurance policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property Island Marine Insurance: Indemnifies for loss to most personal property while it is being transported across land or inland waterways. Liability Insurance: a type of casualty insurance that indemnifies against personal injury or property damage claims for which the insured is legally responsible Automobile Insurance: insurance providing liability and other coverages for the operation of a motor vehicle Collision Insurance: protects against direct and accidental damage due to (a) colliding with another object and (b) upset Comprehiensive Insurance: indemnifies against all damage to the insured's car except that caused by collision or upset No-fault Insurance: requires that parties to an automobile accident be indemnified by their own insurance company regardless of who is at fault Life Insurance: a contractual arrangement under which an insurer promises to pay an agreed upon amount of money to a named party upon the death of a particular person Social Insurance: indemnifies persons, at least partially, from the harsh financial consequences of unemployment, disability, death, or forced retirement =Chapter 24 Vocabulary= Decedent: person who dies Intestate: those who died without a valid will Administrator/Administratrix: a personal representative that takes charge of the intestate's property Estate: property of the deceased Testate: 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/Testatrix: the maker of the will Executor/Executrix: a personal representative that carries out the directions in the will Testamentary Intent: the clear intention to make a will Testamentary Capacity: 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 ot dispose of his or her property after death Codicil: a formal, written, and witnessed amendment Holographic Will: a will that was written entirely by the decedent's won hand and signed by him or her Nuncupative Will: an oral will Escheats: reverts to the state Trust: legal vehicle used to transfer the immediate control of property to another party Trustee: the legal entity that has the title to the subject property Settlor: the creator of a trust Beneficiary: the party for whose benefit the trust is managed in accordance with the settlor's wishes Inter Vivos Trust: a trust created during the lifetime of a settlor Testamentary Trust: a trust created after the death of a settlor in accordance with directions in her or his will Charitable Trust: a trust created for the fulfillment of an altruistic purpose Private Trust: a trust created for a private purpose Spendthrift Trust: a trust that protects the beneficiary's interest in the subject property from the beneficiary's creditors Express Trusts: trust in which the terms are explicitly stated by the settler Resulting Trust: a trust formed when the entity intended to receive the benefit of an express trust cannot do so Constructive Trust: a trust created to require a person holding property to trasfer it to another because retention of the property would be a wrongful and unjust enrichment of the holder =﻿= =﻿Think About Legal Concepts 23-1= 1. The party who agrees to indemnify antoher 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 trasported? **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.**

=Think About Legal Concepts 23-2= 1. Automobile insurance may be written to indemnify for both casualty and property losses. **True.** 2. Depreciation is a common exclusion to property insurance coverage. **True.** 3. Which of the following is not covered in the standard fire policy? **Losses due to inept attorneys.** 4. A friendly fire that becomes uncontrollable is a hostile fire for fire insurance purposes. **True.** 5. An **omnibus** clause extends auto insurance coverage to members of the insured household.

=﻿Think About Legal Concepts 23-3= 1. Which of the following indemnifies against the cost of medical care necessary to regain physical well-being after an illness? **Disability and Health Insurance.** 2. Unemployment insurance is provided directly by the Social Security Act. **True** 3. An **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. 4. Double-indemnity coverage requires the insurer to pay half the face amount of the policy if the death of the insured is accidental. **True.** 5. Which of the following types of social insurance provides health insurance and hospital insurance for people age 65 and older? **Medicare.**

=﻿Think About Legal Concepts 24-1= 1. Those who die without a valid will are legally termed to have died intestate. **True.** 2. If there are no inheritors of the decedent's estate, the property **escheats** to the state. 3. The legal term for an oral will is a **nuncupative** will. 4. The insertion of a cdicil 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 **six months.**

=﻿Think About Legal Concepts 24-2= 1. A trust terminates at the death of the settlor. **False.** 2. A trust terminates whith the death of the trustee. **False.** 3. A resulting trust may be created due to the death of a trust's beneficiary. **True.** 4. A trust created by the will of a deceased settlor is known as **testamentary trust.** 5. A charitable trust is created for an **altruistic** purpose. 6. In a spendthrift trust the beneficiary's creditors can utilize the trust's property to satisty the debts owed them by beneficiary. 7. Is a resulting trust an express trust? **No.** 8. The two types of implied trusts are the private trust and the spendthrift trust. **False.** 9. The trustee has a responsibility requiring the highest degree of care and loyalty to the beneficiary. This is referred to as a **fiduciary duty.**

=﻿Concepts in Brief: Chapter 23= 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 most likely caused by a hostile fire. 3. A property or cusualty insuarance policy can be assigned only with the consent of the insurer. The right to recover from an insurer a loss that has already gbeen 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 curren to value of the insured property. 5. The basic purpose of automobile insurance is to provide coverage against liability. It can also provide medical payments coverage, collision and comprehensive coverage, and uninsured 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 when the worker retires at age 62 or later.

=﻿Concepts in Brief: Chapter 24= 1. The basic requirements for a valid, formal will are testamentary intent and capacity, a general knowlege of what is being done, and a signed writing with witnesses. 2. A will can be revoked or changed at any time prior to the testator's death. 3. Creditor's rights against the estate and the rights of a surviving spouse to a share of the estate may not be defeated by a will that attempts to give the property to others. 4. In essence, a trust can be created to accomplish any conceivable legal purpose. 5. The beneficiary can have no control whatsoever in a spendthrift trust arrangement. 6. A resulting trust is formed when the entity intended to receive the benefit of an express trust cannot do so. The resulting trust is intended to hold the property for its original owner. Note that it differs from a constructive trust, which is imposed on someone wrongfully holding the property of another but which is also imposed to benefit the true owner.

=﻿Your Legal Vocabulary: Chapter 23= 1. To make good a loss **Indemnify** 2. Party who will indemnify if loss occurs **Insurer** 3. Stated maximum amount that can be paid under a policy **Face Value** 4. Consideration for a contract of insurance **Premium** 5. The potential loss that has been insured against **Risk** 6. Potential to sustain loss due to the covered risk **Insurable Interest** 7. Indemnifies for loss from personal negligence, chance, and accident **Casualty Insurance** 8. Exceptions to insurance coverage **Exclusions** 9. Modification to the standard fire policy made to satisfy individual needs **Endorsements** 10. Requires that, in the event of loss, insureds be indemnified by thier own insurance companies **No-fault Insurance** 11. Clause in a fire policy that requires the insured ot maintain coverage equal to a certain percentage of the total current value of the insured property **Coinsurance** 12. Insurance to cover personal injury or property damage claims for which the insured is legally responsible **Liability Insurance** =Your Legal Vocabulary: Chapter 24= 1. A deceased person **Decedent** 2. To die without a will **Intestate** 3. Instestate's personal representative (female) appointed to settle the estate **Administratrix** 4. Property of the deceased **Estate** 5. To die with a valid will **Testate** 6. Male maker of a will **Executor** 7. Orally made will **Nuncupative Will** 8. Creator of a trust **Settlor** 9. Trust created for private reasons **Private Trust** 10. Court appointed representative for a decedent **Administrator or Admnistratrix** 11. Trust created for the fulfillment of an altruistic purpose **Charitable Trust** 12. Trust in which the terms are explicitly stated by the settler **Express Trust** 13. Will written and signed entirely by the maker **Holographic Will** 14. Legal vehicle used to transfer the immediate control of property to another party **Trust** 15. Trust created during the lifetime of the settlor **Inter Vivos Trust** =Case For Legal Thinking: Chapter 24=

Morse v. Voltz
1. **Did the decedent have testamentary capacity?** The decedent would have seemed to have testamentary capacity at the time of making out the new contested will, but having proof from various experts that Marvin may have been subject to early senile degeneration or Alzheimer's Disease would definitely affect his capacity.

2. **Did the decedent act of his own free will in cutting out his son and the son's family or was Inga's influence too great?** I believe that Inga's influence was too great, and was the reason behind Marvin cutting out his own family from the will. Why else would he want to leave all of his property behind to Inga and even to her children whom he hardly knows? 3. **How should the court rule in this case?** The court should rule in favor of John Morse's proposal. Not only was the decedent going through tough emotional times, but he was also in the preliminary stages of memory loss causing diseases.

**//Brown v. Board of Education//**
1. **What was the constitutional issue surrounding the case?** Racial segregation in schools and public facilities was discriminatory and unconstitutional because they were not equal in quality.

2. **List the courts (in sequential order) that heard the case. To what court did the Supreme Court issue a writ of certiorari?** Brown v. Board of Education was a combination of several similar cases from Delaware, Virginia, Kansas, South Carolina, and Washington, D.C. The cases range in hearings from local District Courts and State Supreme Courts to U.S. Supreme Court.

3. **What was the outcome of the Supreme Court's decision?** A unanimous decision was made that segregation was unconstitutional because it violated the 14th amendment.

4. **Were any of the Justices in dissent over the majority opinion? If so, what was their argument?** The Supreme Court issued a unanimous decision.

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