ECO 110Unit 4 Milestone 4QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES VERIFIED ANSWERS ALREADY GRADED A+

Which of the following statements correctly describes probate?  Probate refers to the execution of a will under court supervision.  Probate refers to the disposal of disclaimed property as per the order of the executor of a will.  Probate refers to the process that involves obtaining a deceased person's taxes from their legal heirs.  Probate refers to the process of hiring an attorney to draft a will for the deceased individual's property. RATIONALE Probate refers to the settlement of a person’s estate—the assets and liabilities held by a deceased person—through a court-supervised process. Probate is a public process that ensures that the distribution of assets and payment of liabilities occur according to a person’s will or through the laws of the state. CONCEPT Wills 2 Which of the following is a feature of renter's insurance coverage?  It reimburses the policyholder for loss of personal income associated with filing an insurance claim.  It is an expensive policy because it charges renters a high insurance premium.  It provides coverage to restore the residence of the policyholder if any peril occurs.