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If a life insurance applicant pays a premium but dies before the physical exam, there is obviously no coverage


The words used in an insurance contract are interpreted against the party who applied for the policy

its against the party who wrote it

An insurer has a duty to avoid the payment of claims

they have the duty to pay the payment of claims

Because insurance law follows contract law bad faith tort actions against insurers are not allowed


A testator is a decedent who dies without a will


A nuncupative will is an oral will


To publish a will means to record it in an appropriate county office


A spendthrift trust provides for a beneficiary's transfer of his or her rights to future payments of trust funds


Grace applies for a homeowners' insurance policy on her house with Heroic insurance company through Ian a broker. In this transaction Ian is

Graces agent and not Heroic's agent

Root & Branch Lumber company obtains a fire insurance policy from statistical insurers inc. on a $400,000 warehouse. The policy includes an 80 percent coinsurance clause Root & branch insures the property for 320000. In a fire the warehouse suffers 200000 in damage Root and Branch can recover


Donald applies for a life insurance policy wiht Equity Insurance Company through Fletch an agent who works for Equity. Donald pays the initial premium. Fletch writes a binder which

Indicates that a policy is pending and states its essential terms

Keri's will states I give to my sister liz my condominium in mailbu, Cal. This is

A specific devise (leaving someone real estate)

In his will Vigor makes a gift of 10000 to Wylie this

is a general besquest

Benny dies without a will (intestate) with no surviving spoue or child. benny's survivors include his granddaughter callie, his nephew doug and his cousin earl. in most states his estate would pass to


Risk management involves the transfer of certain risks from the insured to the insurr


Insurance is classified by the nature of the person or interest protected

Insurance is classified according to the nature of the risk involved

An insurance broker is an agent of an insurance company

A broker is the agent of the applicant

An insurance applicant is usually protected from the time an application is made if a premium is paid


A person can insure anything in which he or she has an insurable interest


A will is revocable only after the testator's death


The testator generally must sign a wil


If a person dies without a will all of his or her property automatically passes to the state


An inter vivos trust is a trust created by a grantor during his or her lifetime


A testamentary trust is created by will to begin on the settlors death


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