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WorksheetsBusiness Law - Final Review #5
Total questions: 20
Worksheet time: 10mins
Those who die WITH a valid will are said to have died testate.
True
False
A will is a legal expression directing how ones property will be distributed after death.
True
False
Once made, a will cannot be changed or canceled.
True
False
A codicil is an amendment to a will.
True
False
The creator of a trust is known as the trustee.
True
False
All wills MUST be witnessed.
True
False
A will only takes effect:
upon the death of the maker
upon the witnessed signing of the will
upon the official recording of the will
upon the 1-year anniversary of the death of the maker
A trust created during the lifetime of the settlor/grantor is:
a charitable trust
a spendthrift trust
an inter vivos trust
a testamentary trust
A trust created after the death of the settlor in accordance with directions in his/her will is
an express trust
an implied trust
a testamentary trust
an inter vivos trust
Another name for an oral will:
nuncupative will
holographic will
codicil
trust
A court-appointed personal representative overseeing an estate is called a/an:
administrator
executor
testator
trustee
A type of insurance that covers damage to your vehicle from a fire or flood is called:
liability insurance
collision insurance
comprehensive insurance
physical insurance
The least expensive type of life insurance is:
straight life
whole life
term
limited payment
The mental ability to enter into a will is known as:
testamentary intent
testamentary capacity
The amount of money an insured pays for insurance.
premium
policy limit
credit line
credit limit
Life insurance issued for a particular time period.
whole life
straight life
ordinary life
term
The intention that the document is meant to be a last will and testament.
testamentary capacity
testamentary intent
The person named in a life insurance policy to receive the proceeds.
executor
administrator
testator
beneficiary
The person designated in the will to carry out its terms.
administrator
grantor
executor
grantee
Life insinsurance that requires the payment of premiums until the face value is reached or the insured dies.
straight life
whole life
limited life
annuity
