zSindia+Vidal

Chapter 23 vocab.
insurance: a contractual arrangement that protects against loss. indemnify: When one party pays to compensate for such harm, is said to be indemnify. Insurer: the party that agrees to indemnify. insured: the party covered or protected. Beneficiary: recipient of the amount to be paid. Policy: The writting contract of insurance. Face value:the stated mamximum amount that could be paid if the harm a person is insured against occurs. Premium: the consideration for a contract of insurance. Risk:the posible 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. 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 from losses resulting from accident, chance, or negligence. Exclusions: expressly stated in policy. Fire insurance:The type of insurance th at covers the direct loss to property resulting from fire lightning strike, or removal form premises endangered by fire. Endorsements:ttached to the policy and forms to provide for special and individual needs. Coinsurance: a clause in a fire insurance policy that requires the ensured to maintain the coverage equal to a certain percentage of the total current value of the insured property. Inland marine insurance:developed to indemnify for loss to most personal property while is being transported. liability insurance: 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 incidental. Comprehensive insurance: indemnifies against all damage to the insured"s car except that caused by collision or upsed. No fault iinsurance:requires that the parties to an automobile accident be covered by their own insurance company, regardless of who is at fault. social; insurance: government sponsored insurance protecting against financial problems related to retirement, survivorship, disability, and declining health.

Think about legal concepts ch.23
1. the party ton indemnify another is termed the? a. insurer 2. the face amount of a policy is always paid whenever the covered sustained. true 3. the risk of any and all financial losses can be covered by insurance true 4. which type of insurance covers loss of or damage to property while it is being transported/D. non of the above 5. the beneficiary's insurable interest must exist at the time of loss for a life insurance policy to pay. 6. an insurable interest in property must exist at the time of the loss for a fire insurance policy to pay.

1. automobile insurance may be written to indemnify for both casualty and property losses.false 2. depreciation is a common exclusion to property insurance coverage true 3. which of the following is not covered in the standard fire policy?c) losses due to inept attorneys 4. a friendly fire that becomes uncontrollable is considered a hostile fire for fire insurance purposes. 5. an omnibus clause extends auto insurance coverage to members of the insured's household.

1. which of the following indemnifies agaisnt the cost of medical care necessary to regain physical well-being after an illness c) health insurance 2. unemployment insurance is provided directly byb the social security act. true 3. a incontestability an insurer from the refusing to perform due to fraud or misrepresentation after a policy has been in effect for one or two years. 4. double indemnitycoverage requires the insurer to pay half the face amount of the policy if the death of the insured is accidental. false 5.which of the following types of social insurance provides health insurance and hospital insurance for people age 65 and older? d) medicare

your legal vocabulary ch. 23
1. to make good a loss. indemnify 2. party who will indemnify loss of 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 form from personal negligence, change 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, inthe event iof the loss, insured's be indemnified by their own insurance companies. no-fault insurance. 11.clause in a fire policy that requires the insured to maintain coverage equal to a certain % of the total current value of the property coinsurance 12. insurance to cover personal injury or property damage claims for which the insured is legally responsible. liability insurance.

concepts in brief
1. although insurance is an exellent way to protect aginst popssible 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 prperty or casualty insurance policy can be assigned only with the consent of the insurer. the right to recover form an insurer a loss that has already been sustainedmay be assigned by the insurred 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%) of the current value of the insured property 5. the basic purpose of automobile insurance is to provide civerage against liability. it can also provide medical payments coverage, collision and comprehensive coverage, and unisured 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

ch.24 vocab
1. decedent- the person who dies. 2. intestate- to die without a will. 3. administrator- if person representative 4. administratix-(female)a Person representative 5.testate- to die leaving a valid will 6. will- a legal expression usually in written by which a person directs how her or his property is ti be distibuted after death 7. testator- (male) the makr of the will 8. testatrix (female) maker of the will 9. executor (male) a person representative for the will maker 10executrix- (female) person representative for the will 11.Testementary Intent- the clear intetion to make a will 12.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 13. Codicil, a formal, written, and witnessed amendment 14.Holographic Will one that was written entirely the decendent's own hand and signed by him or her 15. Nuncupative Will oraly made will 16.Escheats reverts to the state 17.Trust created when the transferee of the property is a separate entity under law 18.Trustee the legal entity that has the title to the subject property 19. Settlor the creator of a trust 20. Beneficiary the party for who's benefitthe trust is managedi n accordance with the settlor's wishes //21.// inter vivos a trust created during the life time of the settlor 22. Testamentary Trust a trust created after the death of the settlor in accordance with directions in her or his will 23. Charitable Trust a trust created for the fulfillment of an altruistic purpose 24. Private Trust alternatively a trust created for a private purpose 25.Spendthrift trust a type of private trust 26. Express Trusts trust in which the terms are explicitly stated by the settler 27.Resulting Trust implied trust formed to hold property for its original owner 28.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

concepts inbriefs ch.24
1. the basic requirements for a valid, formal will are testamentary intent and capacity, a genaral knowledge of what is being done, and signed writing with witness. 2. a will can be revoked or changed at any time prior to the testator's death. 3. creditors' 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 arrangements. 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 of its original owner. note that it differs form a constructive trust, which is imposed on someone wrongfully holding the property of an other but which is also imposed to benefit the true owner.

case for legal thinking 24
Did the dececent have testamentary capacity? No he did not have testamentary capacity bacause he was acting wird. No because he was a drunk and he was having memory lapses and could not recall on events that happened days before. The court should rule in favor of his son because it was his father and i think he knows what his father would have wanted.

Project 4 capacity



[] 1. What was the constitutional issue surrounding the case? 2. List the courts (in sequential order) that heard the case. To what court did the Supreme Court issue a writ of certiorari? 3. What was the outcome of the Supreme Court's decision? 4. Were any of the Justices in dissent over the majority opinion? If so, what was their argument?

===1. The school didn't like the Tinkers wearing their armbands, so they came up with a policy that stated that if any student were wearing it he/she would be asked to remove it immediatly, and if this refused to do so he/she would be suspended until agreeing to return without the band.===

3. The supreme court ruled that students are entitled to exercise their constitutional rights even while in school, and said that this was first amendment freedom of speech.
===4.The court ruled in favor of the Tinker's. the justice fortas wrote the majority,opinion, ruling that students retain their constitutional right of freedom while in public school. The school also ruled that students are entittled to exercise their constitutional rights. the court decided that allowing the Tinkers to wear their armbands protesting the vietnam conflict would not" substantially interfere with the work of the school or impinge upon the rights of other students' wearnig armbands, wearing armbands was silent passive expression of opinion that did not involve any disorder or disturbance and was unlikely to cause a material or substantial disruption in the school.=== “