zKatie+Redd

media type="custom" key="7811035" __**Chapter 23**__
 * Vocabulary**:
 * Insurance**- conctratual agreement that protects against loss
 * Idemnify**- to make good the loss to the suffering party
 * Insurer**- the party who agrees to idemnify
 * 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 under a policy
 * Premium**- consideration for the insurance contract
 * Risk**- potential loss that is insured against
 * Insurable Interest**- potential to sustain loss if the insured property is damaged 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 an accident, chance, or negligence
 * Exclusions**- exceptions to insurance coverage
 * Fire Insurance**- property insurance that covers for the loss or damage due to fire (and usually smoke as well)
 * Endorsements/Riders**- modification made to the standard fire policy to satisfy an isured's needs
 * Coinsurance**- clause in a fire policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property
 * Inland Marine Insurance**- insurance that covers against loss or damage to personal property where the property is located or while 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 and other coverages for the operation of a motor vehicle
 * Collision Insurance**- Automobile insurance that protects against upset and direct and accidental damage due to colliding with another object
 * Conprehensive Insurance**- insurance that covers against all damage to the insured's car except that caused by a collision of 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
 * Life Insurance**- insurance that pays to a name beneficiary or the deceased's estate upon the death of the insured
 * Social Insurance**- government-sponsored insurance protecting against finincial problems related to retirement, survivorship, disability,and declining health

__**23-1**__
 * __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 converted loss is sustained.** True
 * 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?** A) Marine Insurance
 * 5) The benficiary'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.** False

__**23-2**__ __**23-3**__
 * 1) Automobileinsurance 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?** C) losses due to inept attorneys
 * 4) A friendly fire that becomes uncontrollable is considered a hostile fire for fire insurance purposes.** True
 * 5) A(n)** automobile insurance **clause extends auto insurance coverage to members of the insured's household.**
 * 1) Which of the following idemnifies against the cost of medical care necessary to regain physical well-being after being ill?** Survivors Insurance
 * 2) Unemployment insurance is provided directly by the Social Security Act.** False
 * 3) 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.**
 * 4) Double-indemnity coverage requires the insurer to pay half the face value 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?** D) Medicare


 * __Concepts in Brief__**
 * 1.Although insurance is an excellent way to protect against possible loss, certain risks such as that of doing business that cannot be covered.**
 * 2. Losses covered by a fire insurance policy will be indermnified only upon showing that they were most likely caused by a hostile fire.**
 * 3. A property of casualty insurance policy can be assigned only with the consent of the insurer. The right to recover from the insurer a loss that has already been sustained may be assigned by the insured without consent from the insurer.**
 * 4. Coninsurance 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 coverage against liability. It can also provide medical payment coverage, collision comprehensive 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 responisibility 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.**

__**Legal Vocabulary**__
 * 1. To make good a loss**- Indemnify
 * 2. Party who will indemnify is the loss occurs**- Insured
 * 3. Stated maximum amount that can be paid under a policy**- Face Value
 * 4. Consideration for the 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**- Casulaty 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 their own insurance companies**- No-fault insurance
 * 11. Clause in a fire policy that requires the insured to 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 deamage claims for which the insured is legally responsible**- Liability Insurance

__**Vocabulary**__
 * __Chapter 24__**
 * Decendent**- person who dies
 * Intestate**- to die without a will
 * Administrator/ Administratrix**- court appointed representative for a decendent (male/female)
 * Estate**- property of the deceased
 * Testate**- to die with a valid will
 * Will**- legal expression by which a person directs how his or her property is to be distributed after death
 * Testator/Testatrix**- maker of a will (male/female)
 * Executor/Executrix**- intestate's personal representative appointed to settle the estate (male/female)
 * Testamentary Intent**- clear intention to make a will
 * Testamentary Capacity**- testator must know the kind and extent of propert involved, persons who stand to benefit, and the he or she is making an arrangement to dispose of his or her property after death
 * Codicil-** formal, written, and witnessed amendment to a will
 * Holographic Will**- will written and signed entirely by the maker
 * Nuncupative Will**- orally made will
 * Escheats**- reversion of property to the state
 * Trust**- legal vehicle used to transfer the immediate control of property to another party
 * Trustee**- legal entity having the title to the property named in a trust
 * Settlor**- creator of trust
 * Beneficiary**- party whose benefits a trust is managed
 * Inter vivos trust**- trust created during the lifetime of the settlor
 * Testamentory Trust**- trust created after the death of a settlor in accordance with directions in the person's will
 * Charitable Trust**- created for the fulfillment of an altruistic purpose
 * Private Trust**- trust created for private reasons
 * Spendthrift Trust**- trust created to protect the benficiary's interest in a property from the beneficiary's creditors
 * Express Trust-** trust in which the terms are exlicitly stated by the settler
 * Resulting Trust**- implied trust formed to hold property for it's original owner
 * Constructive Trust**- trust is created to requires a person holding property to transfer it to another

__**24-1**__
 * __Legal Concepts__**
 * 1. Those who die without a valid will are legally termed to have died intestate.** True
 * 2. If there are no inheritors od the decendent'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 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** B) Six months


 * __24-2__**
 * 1. A trust terminates at the death of a settlor**- False
 * 2. A trust terminates with the death of the trustee**- False
 * 3. A resulting trust may be created due to the death of a trust's beneficairy**- False
 * 4. A trust created by the will of a deceased settlor is know as a** A) inter vivos trust
 * 5. A charitable trust created for an** altruistic **purpose.**
 * 6. In a spendthrift trust the beneficiary's creditors can utilize the trust's property to satisfy the debts owed to them by the beneficiary.** False
 * 7. Is a resulting trust an express trust?** No.
 * 8. Thw two types of implied trusts are private trusts 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**__ __**Legal Vocabulary**__
 * 1. The basic requirements for a valid, formal will are testamentary intent and capacity, a general knowledge 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. Ceditors' 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 convievable 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 recieve the benefit of an express trust cannot do so. The resulting trust is intended to hope the property for it's original owner. Not the it differes from a contructive trust, wich is imposed on someone wrongfully holding the property of another but is also imposed to benefit of the true owner.**
 * 1. A deceased person**- decendent
 * 2. To die without a will**- intestate
 * 3. Intestate's personal representative (female) appointed to settle the estate**- executrix
 * 4. Property of the deceased**- estate
 * 5. To die with a valid will**- testate
 * 6. Male maker of a will**- testator
 * 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 the deceased**- Administrator/Administatrix
 * 11. Trust created for the fulfillment of an altruistc purpose**- charitable trust
 * 12. Trust in which the terms are explicilty state by the settlor**- 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: Ch. 24**__
 * 1. Did the decendent have testamentary capacity?** No, the decent did not have testamentary capacity. His eyesight was bad, making it hard for him to know what was being wrote down, and it was a possibility that he was either senile or had alzheimer's disease, either way both of those can cause memory loss and confusion, making him incapable of creating his own trust.
 * 2. Did the decendent act of his own free will in cutting his son and the son's family or was Inga's influence too great?** Due to his illnesses it made him very vulnerable to manipulation and after the deceased married his 2nd wife, Inga, he no longer wanted anything to do with his son or his family. Inga not only influenced but manipulated a sick old man into giving her all of his money.
 * 3. How should the court rule in this case?** The court should rule in favor of the son. The only reason Igna married the deceased was to get to his money after he died, she took advantage of him, he didn't know what he was doing, and he didn't have the capacity to create a trust. Therefore, because his son is the only remaining family left, the estate should go to him, the court should rule in favor of the son.

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Supreme Court Case- Roe vs. Wade 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) In this case Roe argued that her right to privacy was being violated by the the state of Texas making a law making abortion illegal. She claimed that she was raped and that's how she became preganant, so she went to court to get abortion legalize.

2) The original jurisdiction of the case belonged to the disrict court of appeals, but petitioners demanded a writ of certiorari. So on August 16, 2000, the jurisdiction was given to the United States Supreme Court.

3) The Supreme Court ruled that denying the right to abortion was a violation of a woman's right to privacy, therefore legalizing abortion.

4)Two of the judges were in dissent, Justice's White and Rehnquist. There argument was that it's the states job to protect human life, including a potential human life.

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