5 in order for a conditional receipt to be issued, the applicant must A take a medical examination B sign the application and pay the initial premium C name a beneficiary D elect a settlement option
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- which type of deed provides a gurantee by the grantor that the grantor did not place any clouds of title or encumbrance on teh property? 1. quitclaim 2. bargain and sale 3. limitted warranty 4. General warrantyExplain what is meant by caveat emptor ?7 which of the following statements is correct about an ordinary life policy A premium payment can be increased or decrease at the discretion of the premium payer B the beneficiary designation can be changed to another person only if that person a medical examination C the policy owner may borrow against the cash value of the policy D The named beneficiary must submit evidence of continuing insurable interest in the life of the insured
- 1. List the requirements that must be satisfied in order for one to become a Holder in Due Course. 2. List the "Real Defenses"12. Promises to make charitable contributionsa. are exempted from the necessity of considerationb. are not legally enforceablec. are based on promissory estoppeld. may not be valid unless large sums of money are involved17. Elizabeth Ellis sells a business asset for $10,000. Assume that Elizabeth has owned the asset for several years; that the original cost was $6,000; and that Elizabeth has claimed no depreciation deduction during the period of ownership and use. Assume that Elizabeth would have deducted $2,000 if she had claimed depreciation. Assume also that Elizabeth will not file amended returns to correct any prior year returns. How should Elizabeth report the sale? Ignore any potential depreciation recapture. Gain of $6,000 and expense of sale deduction for AGI of $2,000 Gain of $6,000 and a deduction from AGI of $2,000 Gain of $4,000 Gain of $4,000 and itemized deduction of $2,000 A B D None of the above
- b. With relevant examples, explain the following; i. Primary appointment and secondary apportionment ii. Direct cost and indirect cost (A fitness club gives clients free month after they have paid for eleven months. Approximately half of their clients remain with the club long enough to take advantage of this offer? Required: a. Define the term “liability.” Then explain whether the free month offer results in a liability for the fitness club. b. Explain what makes a liability “current.” Then explain whether the free month results in a current liability for the fitness club. c. Define the term “contingent liability.” Then explain whether the free month results in a contingent liability for the fitness club.Direction: Write TRUE if the statement is true and FALSE if the statement is false. _1. A written partnership contract is required to be prepared whenever a partnership is formed. _2. All partnerships are subject to income tax. 3. A partner's contribution in the form of industry or service is recorded by debiting the account "Industry". _4. In the partnership books, there are as many capital and drawing accounts as there are partners. _5.A partners contribution in the form of noncash assets should be recorded at its fair market value in the absence of an agreed value. _6.A partnership is much easier and less expensive to organize than corporation. 7. A newly organized partnership should always open a new set of books . _8. All partnerships have at least one general partner. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership 10. The property invested in a partnership by a partner becomes the property of the partnership.…
- Illinois Accident and Health Producer General - Shayaan Shaikh Offer, acceptance, and consideration are necessary elements of: OA. OB. OC. OD. a warranty a representation a contract insurable interest Time Remaining Flag fo3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.please answer part f. thank you.