AIC 301 ACTUAL TEST PAPER COMPLETE
SOLUTIONS LATEST UPDATE 100 PERCENT
VERIFIED
⩥ Subjacent support.
Answer: A property owner's right to have land supported by the earth
below it
⩥ Improvements and betterments.
Answer: 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.
⩥ Trade fixtures.
Answer: 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
⩥ Tenancy at will.
Answer: A landlord-tenant estate in which the tenant has permission to
occupy a premises as a landlord desires.
⩥ Estate for years.
,Answer: A landlord-tenant estate created for a definite period
⩥ Periodic tenancy.
Answer: A landlord-tenant estate with no fixed termination date and
automatic renewal until one of the parties gives notice of intent to
terminate.
⩥ Holdover tenant.
Answer: A tenant who has a lease for a number of years and, at the
expiration of the lease, continues to occupy the premises.
⩥ Warehouse receipt.
Answer: A legal document that provides title to the goods in storage and
assures delivery to the holder of the receipt.
⩥ Bill of lading.
Answer: 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.
⩥ Carrier.
Answer: A person or organization in the business of transporting
property of others
, ⩥ Consignor.
Answer: The party who is shipping goods
⩥ Consignee.
Answer: The person or organization that receives property being
transported by a carrier.
⩥ Bankruptcy law.
Answer: The body of federal law that allows debtors who are unable to
pay their creditors to divide their assets among their creditors to
discharge the debts.
⩥ Security interest.
Answer: An interest in property (real or personal) that allows the
property to be sold on default to satisfy the debt for which the security
interest was given.
⩥ Negligence.
Answer: The failure to exercise the degree of care that a reasonable
person in a similar situation would exercise to avoid harming others.
⩥ Tort.
Answer: A wrongful act or omission, other than a crime or a breach of
contract, that invades a legally protected right
SOLUTIONS LATEST UPDATE 100 PERCENT
VERIFIED
⩥ Subjacent support.
Answer: A property owner's right to have land supported by the earth
below it
⩥ Improvements and betterments.
Answer: 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.
⩥ Trade fixtures.
Answer: 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
⩥ Tenancy at will.
Answer: A landlord-tenant estate in which the tenant has permission to
occupy a premises as a landlord desires.
⩥ Estate for years.
,Answer: A landlord-tenant estate created for a definite period
⩥ Periodic tenancy.
Answer: A landlord-tenant estate with no fixed termination date and
automatic renewal until one of the parties gives notice of intent to
terminate.
⩥ Holdover tenant.
Answer: A tenant who has a lease for a number of years and, at the
expiration of the lease, continues to occupy the premises.
⩥ Warehouse receipt.
Answer: A legal document that provides title to the goods in storage and
assures delivery to the holder of the receipt.
⩥ Bill of lading.
Answer: 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.
⩥ Carrier.
Answer: A person or organization in the business of transporting
property of others
, ⩥ Consignor.
Answer: The party who is shipping goods
⩥ Consignee.
Answer: The person or organization that receives property being
transported by a carrier.
⩥ Bankruptcy law.
Answer: The body of federal law that allows debtors who are unable to
pay their creditors to divide their assets among their creditors to
discharge the debts.
⩥ Security interest.
Answer: An interest in property (real or personal) that allows the
property to be sold on default to satisfy the debt for which the security
interest was given.
⩥ Negligence.
Answer: The failure to exercise the degree of care that a reasonable
person in a similar situation would exercise to avoid harming others.
⩥ Tort.
Answer: A wrongful act or omission, other than a crime or a breach of
contract, that invades a legally protected right
