AIC 300 ALL CLAIMS - EXAMINATION COMPLETE
QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR JUST RELEASED
Question 1: A property owner's right to have land supported by the
earth below it.
Answer:
Subjacent Support
Question 2: Alterations or additions made to the building at the
expense of an insured who does not own the building and who
cannot legally remove them.
Answer:
Improvements and Betterments
Question 3: Fixtures and equipment that may be attached to a
building during a tenant's occupancy, with the intention that they
be removed when the tenant leaves.
Answer:
Trade Fixtures
Question 4: A landlord-tenant estate in which the tenant has
permission to occupy a premises as a landlord desires.
Answer:
Tenancy at Will
Question 5: A landlord-tenant estate created for a definite period.
Answer:
Estate for Years
,Question 6: A landlord-tenant estate with no fixed termination date
and automatic renewal until one of the parties gives notice of intent
to terminate.
Answer:
Periodic Tenancy
Question 7: A tenant who has a lease for a number of years and, at
the expiration of the lease, continues to occupy the premises.
Answer:
Holdover Tenant
Question 8: A legal document that provides title to the goods in
storage and assures delivery to the holder of the receipt.
Answer:
Warehouse Receipt
Question 9: A document acknowledging receipt of goods from the
shipper, given by the carrier, which includes the terms of the
contract of carriage for the goods.
Answer:
Bill of Lading
Question 10: A person or organization in the business of
transporting property of others.
Answer:
Carrier
Question 11: The party who is shipping goods.
Answer:
Consignor
,Question 12: The person or organization that receives property
being transported by a carrier.
Answer:
Consignee
Question 13: The body of federal law that allows debtors who are
unable to pay off their creditors to divide their assets among their
creditors to discharge the debts.
Answer:
Bankruptcy Law
Question 14: An interest in property (real or personal) that allows
the property to be sold on default to satisfy the debt for which a
security interest was given.
Answer:
Security Interest
Question 15: The failure to exercise the degree of care that a
reasonable person in a similar situation would exercise to avoid
harming others.
Answer:
Negligence
Question 16: A wrongful act or omission, other than a crime or a
breach of contract, that invades a legally protected right.
Answer:
Tort
Question 17: A person or an organization that has committed a tort.
Answer:
, Tortfeasor
Question 18: The person or entity who files a lawsuit and is named
as a party.
Answer:
Plaintiff
Question 19: The party in a lawsuit against whom a complaint is
filed.
Answer:
Defendant
Question 20: An element of negligence that exists when parties are
in such a relationship that the law imposes on one party the
responsibility for the exercise of care toward the other party.
Answer:
Legal Duty
Question 21: A written law passed by a legislative body at either the
federal or state level.
Answer:
Statute
Question 22: A legally enforceable agreement between two or more
parties.
Answer:
Contract
Question 23: Laws that develop out of court decisions in particular
cases and establish precedents for future cases.
QUESTIONS AND DETAILED SOLUTIONS LATEST
UPDATE THIS YEAR JUST RELEASED
Question 1: A property owner's right to have land supported by the
earth below it.
Answer:
Subjacent Support
Question 2: Alterations or additions made to the building at the
expense of an insured who does not own the building and who
cannot legally remove them.
Answer:
Improvements and Betterments
Question 3: Fixtures and equipment that may be attached to a
building during a tenant's occupancy, with the intention that they
be removed when the tenant leaves.
Answer:
Trade Fixtures
Question 4: A landlord-tenant estate in which the tenant has
permission to occupy a premises as a landlord desires.
Answer:
Tenancy at Will
Question 5: A landlord-tenant estate created for a definite period.
Answer:
Estate for Years
,Question 6: A landlord-tenant estate with no fixed termination date
and automatic renewal until one of the parties gives notice of intent
to terminate.
Answer:
Periodic Tenancy
Question 7: A tenant who has a lease for a number of years and, at
the expiration of the lease, continues to occupy the premises.
Answer:
Holdover Tenant
Question 8: A legal document that provides title to the goods in
storage and assures delivery to the holder of the receipt.
Answer:
Warehouse Receipt
Question 9: A document acknowledging receipt of goods from the
shipper, given by the carrier, which includes the terms of the
contract of carriage for the goods.
Answer:
Bill of Lading
Question 10: A person or organization in the business of
transporting property of others.
Answer:
Carrier
Question 11: The party who is shipping goods.
Answer:
Consignor
,Question 12: The person or organization that receives property
being transported by a carrier.
Answer:
Consignee
Question 13: The body of federal law that allows debtors who are
unable to pay off their creditors to divide their assets among their
creditors to discharge the debts.
Answer:
Bankruptcy Law
Question 14: An interest in property (real or personal) that allows
the property to be sold on default to satisfy the debt for which a
security interest was given.
Answer:
Security Interest
Question 15: The failure to exercise the degree of care that a
reasonable person in a similar situation would exercise to avoid
harming others.
Answer:
Negligence
Question 16: A wrongful act or omission, other than a crime or a
breach of contract, that invades a legally protected right.
Answer:
Tort
Question 17: A person or an organization that has committed a tort.
Answer:
, Tortfeasor
Question 18: The person or entity who files a lawsuit and is named
as a party.
Answer:
Plaintiff
Question 19: The party in a lawsuit against whom a complaint is
filed.
Answer:
Defendant
Question 20: An element of negligence that exists when parties are
in such a relationship that the law imposes on one party the
responsibility for the exercise of care toward the other party.
Answer:
Legal Duty
Question 21: A written law passed by a legislative body at either the
federal or state level.
Answer:
Statute
Question 22: A legally enforceable agreement between two or more
parties.
Answer:
Contract
Question 23: Laws that develop out of court decisions in particular
cases and establish precedents for future cases.
