CPCU 530 || 100% Verified Answers.
Agreement (which includes the offer and acceptance)
Capacity (or the competence) of all involved parties
Mutual assent
Consideration
Legal purpose
Proper, legally required form correct answers Can you name the elements of a legally binding
contract?
Furkan, who was insured with Argot Insurance Company, ran a stop sign and hit Katie, injuring
her severely. Katie sued Furkan and Argot Insurance Company jointly. This action is known as
correct answers Direct action, pursuant to statute.
Mikael, a new insurance agent, sent a letter to all residents of his apartment complex that set out
the basic terms of a renter's policy and stated: "I will issue this policy to you and expect your
$300 annual premium if I don't hear from you to the contrary within 30 days." Linnea, a
neighbor, received this letter but did not respond. Which one of the following statements about
Linnea's legal obligation under contract law is true? correct answers Linnea has no legal
obligation to pay Mikael $300 because no prior course of dealing supports this.
Which one of the following would most likely be recognized by a court as something that an
insurer could properly waive? correct answers Policy notice of loss requirements
Katie met with her insurance agent Luke to discuss Katie's insurance needs. Luke recommended
that Katie purchase a renter's policy and Katie agreed with Luke's recommendation. Luke helped
Katie complete a renter's insurance application, Katie signed the application, and Luke sent the
application to the Argot Insurance Company. The submission of the application to Argot was
correct answers An offer
Hanna is insured under a life insurance policy written by Cromley Insurance, with a two-year
contestable period. Hanna made a material misrepresentation about her health in her insurance
, application. Hanna died five years after Cromley issued the policy to her. Which one of the
following statements correctly describes how Cromley should handle a claim under Hanna's life
insurance policy submitted by Hanna's survivors? correct answers Pay the claim because more
than two years have passed without contest
A gift requires which one of the following elements? correct answers Delivery
Will had not paid Theodore for work on a building addition so Theodore filed a mechanic's lien.
Once Will pays for the work the mechanic's lien correct answers May be cleared by Will.
Karen and Lydia owned a farm with joint tenancy ownership for four years when Karen became
engaged. Lydia offered to purchase Karen's interest in the farm if Karen would sign a quit claim
deed. In this situation Karen is the correct answers Grantor.
Newlyweds Faith and Jake purchased a home and they can no longer afford to pay their
mortgage payments. They are now faced with foreclosure. Which one of the following
statements is true regarding the potential foreclosure? correct answers Foreclosure through
public sale is the most likely the means by which Faith's and Jake's interest in the property will
be terminated.
Denny properly mortgaged land to Marvin to secure a loan for $100,000 and then he conveyed
the land to Ben. If Denny or Ben does not pay the loan when it falls due correct answers If a
foreclosure sale yields excess money, it goes to Denny as mortgagor or to Ben, the subsequent
buyer.
Johnny sold a cabin to Hannah for $15,000. Two days later he sold the same cabin to Arnie for
$10,000. A week later, Johnny sold the cabin to Brenda and signed a contract of sale for $22,000.
That same day, Johnny sold the cabin to his sister Kate for $5,000. Kate registered the deed but
later learned of the other purchase arrangements. Which one of the purchasers has priority
ownership of the cabin? correct answers . Kate
Corporation T owns an office building that it leases to occupants. Cooperative ownership
provides for operation and maintenance by someone other than the tenant while guaranteeing a
Agreement (which includes the offer and acceptance)
Capacity (or the competence) of all involved parties
Mutual assent
Consideration
Legal purpose
Proper, legally required form correct answers Can you name the elements of a legally binding
contract?
Furkan, who was insured with Argot Insurance Company, ran a stop sign and hit Katie, injuring
her severely. Katie sued Furkan and Argot Insurance Company jointly. This action is known as
correct answers Direct action, pursuant to statute.
Mikael, a new insurance agent, sent a letter to all residents of his apartment complex that set out
the basic terms of a renter's policy and stated: "I will issue this policy to you and expect your
$300 annual premium if I don't hear from you to the contrary within 30 days." Linnea, a
neighbor, received this letter but did not respond. Which one of the following statements about
Linnea's legal obligation under contract law is true? correct answers Linnea has no legal
obligation to pay Mikael $300 because no prior course of dealing supports this.
Which one of the following would most likely be recognized by a court as something that an
insurer could properly waive? correct answers Policy notice of loss requirements
Katie met with her insurance agent Luke to discuss Katie's insurance needs. Luke recommended
that Katie purchase a renter's policy and Katie agreed with Luke's recommendation. Luke helped
Katie complete a renter's insurance application, Katie signed the application, and Luke sent the
application to the Argot Insurance Company. The submission of the application to Argot was
correct answers An offer
Hanna is insured under a life insurance policy written by Cromley Insurance, with a two-year
contestable period. Hanna made a material misrepresentation about her health in her insurance
, application. Hanna died five years after Cromley issued the policy to her. Which one of the
following statements correctly describes how Cromley should handle a claim under Hanna's life
insurance policy submitted by Hanna's survivors? correct answers Pay the claim because more
than two years have passed without contest
A gift requires which one of the following elements? correct answers Delivery
Will had not paid Theodore for work on a building addition so Theodore filed a mechanic's lien.
Once Will pays for the work the mechanic's lien correct answers May be cleared by Will.
Karen and Lydia owned a farm with joint tenancy ownership for four years when Karen became
engaged. Lydia offered to purchase Karen's interest in the farm if Karen would sign a quit claim
deed. In this situation Karen is the correct answers Grantor.
Newlyweds Faith and Jake purchased a home and they can no longer afford to pay their
mortgage payments. They are now faced with foreclosure. Which one of the following
statements is true regarding the potential foreclosure? correct answers Foreclosure through
public sale is the most likely the means by which Faith's and Jake's interest in the property will
be terminated.
Denny properly mortgaged land to Marvin to secure a loan for $100,000 and then he conveyed
the land to Ben. If Denny or Ben does not pay the loan when it falls due correct answers If a
foreclosure sale yields excess money, it goes to Denny as mortgagor or to Ben, the subsequent
buyer.
Johnny sold a cabin to Hannah for $15,000. Two days later he sold the same cabin to Arnie for
$10,000. A week later, Johnny sold the cabin to Brenda and signed a contract of sale for $22,000.
That same day, Johnny sold the cabin to his sister Kate for $5,000. Kate registered the deed but
later learned of the other purchase arrangements. Which one of the purchasers has priority
ownership of the cabin? correct answers . Kate
Corporation T owns an office building that it leases to occupants. Cooperative ownership
provides for operation and maintenance by someone other than the tenant while guaranteeing a
