Which of the following best describes a situation of intestacy? a. Lily died without a valid will. b. Jill died without heirs. C. Mason died without any probate property. d. George has insufficient medical insurance to cover the cost of medical treatment he needs. e. Eduardo became physically challenged after he was injured in a car accident.

A friend has a medical condition but did not inform the insurance company when he purchased the policy. He fell ill but the insurance company refuses to cover his medical expenses. What should he do?

Eliza purchased a life insurance policy on her own life. Eliza is not married and does not have any children, but she is fond of her neighbor and some of her close relatives. She has expressed some concern about owing estate taxes at her death; however, she refuses to implement any trust planning for her estate. Accordingly, Eliza executed a will that leaves all of her personal property to her neighbor, and all of her remaining assets to her close relatives. She has named her estate as the beneficiary of her life insurance policy. Which of the following are correct statements regarding the advantages or disadvantages of the life insurance policy beneficiary designation? Eliza's estate may use the life insurance policy death benefit to pay any estate taxes due. Since the estate was named as the beneficiary of the life insurance policy, the death benefit may only be used to pay expenses of estate administration and creditors of the estate. The life insurance policy death benefit will be…

François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…

Antoine LaDuke suffered a major loss on his older home due to mud from a flood. Although he had homeowner's insurance, what was the probable reason he was not covered? A) His home was probably too expensive. B) His policy excluded flood-related damages. C) This is a personal liability issue. D) Older homes are excluded from flood-related damages. 29) Insurers in California are required to offer ________ coverage to consumers due to the substantial risk factors in that state.

Bonnie and Clyde jointly own their own home when Clyde defaults on credit card debt. To determine if Clyde is insolvent, how will the home play into the calculation?

Which of the following claims against an estate does not have priority? Choose the correct.a. Funeral expenses because the amounts incurred are usually at the discretion of family members.b. Medical expenses associated with the decedent’s last illness.c. The costs of administering the estate.d. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.

Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following strategies would you recommend to address these issues?    A) Have each spouse draft a will disinheriting the other    B) Have Henry and Rita title all of their assets as JTWROS after they get married    C) Have the families enter into a family settlement agreement    D) Have Henry and Rita execute a premarital property agreement

Which of the following claims against an estate does not have priority? Funeral expenses because the amounts incurred are usually at the discretion of family members. Medical expenses associated with the decedent’s last illness. The costs of administering the estate. Unpaid rent on the decedent’s home if not paid for the three months immediately prior to death.

Henry and Rita disagree about how to manage their finances after their marriage, and their children are concerned about receiving their inheritances. Which of the following would be a good strategy to allow Henry and Rita to agree on how their property is divided while they are living and also agree on the relinquishment of marital property rights when one of them dies? Henry and Rita should execute a premarital property agreement. Henry and Rita should title all of their assets as JTWROS after they are married.     A) Neither I nor II     B) II only     C) I only     D) Both I and II