Ch 37 Flashcards
an instrument made by a testator directing what is to be done with her or his property after death
Will
as a noun, one who has died without having created a valid will. As an adjective, the state of having died without a will
Intestate
state statutes that specify how property will be distributed when a person dies intestate (without a valid law)
Intestacy laws
one who makes and executes a will
Testator
a person appointed by a testator in a will to administer her or his estate
Executor
one who is appointed by a court to administer a person’s estate if the decedent died without a valid will or if the executor named in the will cannot serve
administrator
devise/devisee
real property by will
bequest/legacy
personal property gift by will
one designated in a will to receive a gift of personal property
Legatee
a will written entirely in the testators handwriting
holographic will
an oral will made before witnesses
nuncupative will
a written supplement or modification to a will. must be executed with the same formalities as will
codicil
process of proving and validating a will and settling all matters pertaining to an estate
probate
method of distributing an intestate’s estate so that each heir in a certain class take the share to which her or his deceased ancestor would have been entitled
per stirpes
a method of distributing an intestate’s estate so that each heir in a certain class receives an equal share
per capita
an arrangement in which title to property is held by one person for the benefit of another
trust
a contract in which for a stipulated consideration, one party agrees to compensate the other of loss on a specific subject by a specified peril
insurance
prediction concerning potential loss based on known and unknown factors
risk
in insurance law, the contract between the insurer and insured
policy
insurance law, the price paid by the insured for insurance protection for a specified period of time
premium
the insurer, or the one assuming a risk in return for thepayment of a premium
underwriter
interest that exists when a person benefits from the preservation of the health or life of the insured or the property to be insured
insurable interest
a written temporary insurance policy
binder
a clause in a policy for life or health insurance stating that after the policy has been in force for a specified length of time, the insurer cannot contest statements made in the policyholder’s application
incontestability
3 Good faith obligations are
Duty to Investigate
Duty to Defend
Bad Faith Actions
