BL-Chapter+23+Quiz - CHAPTER 23 QUIZ TRUE/FALSE QUESTIONS...

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CHAPTER 23 QUIZ TRUE/FALSE QUESTIONS Indicate whether the statement is true or false by placing a “T” or an “F” to the left of the question number. Do not place your answer at the end of the statement. One point per question; 15 points possible. 4. A joint tenant’s sale of his or her interest terminates the joint ten- ancy. 6. One cannot acquire ownership by possession by “capturing” a wild animal. 8. Constructive delivery occurs when property is physically transferred. 10. Adding value to a piece of personal property by labor or materials is accession. 12. A finder of mislaid property is an involuntary bailee. 14. A finder of abandoned property acquires title to it, and the title is good against the whole world, including the original owner. 16. For an effective bailment, the bailor must deliver title and possession of the bailed property. 18. Constructive delivery satisfies the delivery requirement for an effec- tive bailment. 20. A bailee must exercise reasonable care in preserving the bailed prop- erty. 22. A business firm may have an insurable interest in the life of any of its employees, except a key employee. 24. Insurance is classified according to the amount of the payment on a claim. 26. A party must own property to have an insurable interest in it. 28. An insurance application is part of the insurance contract. 30. A coinsurance clause provides that two or more people will be cov- ered by the same life insurance policy. 32. The words used in an insurance contract are interpreted against the party who applied for the policy. MULTIPLE CHOICE QUESTIONS Highlight or underline the choice that best completes the statement or an- swers the question. One point per question; 15 points possible. 2. Sara has a flat-screen TV, a Blu-ray disc player, set of computer games and an investment portfolio that includes stock in the Internet game company Zynga. Sara’s intangible property includes a. the TV and Blu-ray player.
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