Blog

A protection that insures property that cannot be covered by specific insurance because the property is constantly changing in either value or location is referred to as a(n):

The right to equity of redemption:

An uninsured motorist drove through a red light and hit the passenger side of David’s car. David, the driver, suffered a concussion, and the passenger, Jayne, broke her right arm and leg. David’s car sustained extensive damages that would cost $2,000 to repair. If David has uninsured-motorist insurance, the coverage will:

If a bank pays a forged check, it is liable for ____________ the payee’s funds.

A(n) ____________ occurs when the ____________.

A(n) ____________ is an amount of any loss that is to be paid by the insured and can be a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid.

Omar receives a check from Trudy drawn on Shelfari Bank. Shelfari Bank improperly dishonors the check when Omar attempts to cash it. Which of the following is true of this case?

Winston was going to be out of town on September 1, when his rent would be due. On August 20 he gave his landlord Becky a check dated September 1, with instructions not to deposit or cash the check until September 1. As the instructions to Becky were clear, he did not notify the bank of the postdated check. On August 21, Becky deposited the check in her account at her bank and the check was dishonored on August 23. Which of the following is true of this scenario?

Carol borrows $50,000 to purchase seven industrial Xerox copying machines, and open up her own copy shop. The bank loan requires that Carol grant the bank a security interest in any property acquired after the original agreement is signed. After she shows the loan letter to Xerox, it agrees to sell her the copiers for $80,000 to be paid over five years. Who has priority in the copying machines?

Stan commits securities fraud and takes $5,000,000 from a variety of investors. Stan is convicted of a crime and then sued by the investors. Stan files for bankruptcy. What relief will the bankruptcy filing grant Stan?