Term
| Tangible Property are --- objects |
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| property that does not exist in a physical form. |
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| land and interest in land |
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| personal property so firmly attached to real property that an interest in it arises under real property law. |
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An example of real tangible property is:
A. Land
B. Building
C. Fixtures
D. All of the above |
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Intangible personal property include all of the following except:
A. Commercial paper
B. Stock certificates
C. Contract Rights
D. Easements
E. Copyrights
F. Patents
G. None of the above |
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Term
| transfer of property for a price. |
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| transfer of property without consideration (price). |
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| right to property acquired upon death of the owner. |
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| right of a property owner to any increase in such property. |
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| intentionally disposed of by owner; finder is entitled to the property. |
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| unintentionally left by owner; the finder is generally entitled to the property. |
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| intentionally placed by the owner but unintentionally left; the owner of the premises is generally entitled to the property. |
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| coins or currency hidden or concealed by the owner for such a length of time that the owner is probably dead or undiscoverable. |
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| contractual arrangement that distributes risk of loss among a large number of members through a company |
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| fire & property insurance protects against loss due to fire or related perils. |
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| insurance in which a person insures property for less than its full or stated value and agrees to share the risk of loss. |
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| fire contained in its intended location. |
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| any fire outside its intended or usual location |
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| covers full value of property as agreed upon by the parties at the time the policy is issued. |
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| covers fair market value of property as calculated immediately prior to the loss. |
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| a financial interest or a factual expectancy interest in someone's property that justifies insuring the property; the interest must exist at the time the property loss occurs. |
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Term
| amount to be paid for an insurance policy. |
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| false representation of a material fact made by the insured that is justifiably relied upon by the insurer; enables the insurer to rescind the contract within a specified time. |
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| --- - the failure of a required condition; generally an insurer may avoid liability for a --- only if the breach is material. |
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| fraudulent failure of an applicant for insurance to disclose material facts that the insurer does not know; allows the insurer to rescind the contract. |
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| an insurer intentionally relinquishes the right to deny liability. |
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| an insurer is prevented by its own conduct from asserting a defense. |
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| an insurance contract may be terminated by due performance or cancellation. |
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| the temporary transfer of personal property by one party to another . |
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| storer of goods for pay; must exercise reasonable care to protect the stored goods and deliver them to the proper person. |
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| security interest by possession. |
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| an instrument evidencing ownership of the document and the goods it covers. |
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| a person who negotiates or transfers a document of title for value, other than a collecting bank or other intermediary, incurs certain warranty obligations unless otherwise agreed. |
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In an instance of a missing or lost title the claimant:
A. could apply for a court issuing of a substitute document
B. obtain another substitute document from claimer
C. nothing could be done |
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