Insurance and Property Law

Question 1

Immoveable property consisting of land and the buildings and plant life thereon.

Answer 1

Real Property

Question 2

Any property that is not real property, generally any property that is moveable or intangible.

Answer 2

Personal Property

Question 3

Ownership rights entitling the holder to use, possess or dispose of the property however he or she chooses during his or her lifetime.

Answer 3

Fee Simple

Question 4

the power of a government to take land for public use by private citizens for just compensation.

Answer 4

Eminent Domain

Question 5

The right of a person to make limited use of another persons real property without taking anything from the property.

Answer 5

Easement

Question 6

A form of co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

Answer 6

tenancy in common

Question 7

the joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surfing joint tenant or tenants.

Answer 7

Joint Tenancy

Question 8

a written instrument giving a creditor an interest in the debtors property as security for a debt.

Answer 8

Mortgage

Question 9

A written, temporary insurance policy

Answer 9

Binder

Question 10

A document by which title to property is transferred from one party to another.

Answer 10

Deed

Question 11

In real property law, a contract in which the owner of real property (the landlord) grants to a person (the tenant) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of payment.

Answer 11

Lease

Question 12

the prediction concerning potential loss based on known and unknown factors.

Answer 12

Risk

Question 13

planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, involves transferring certain risks from the insured to the insurance company.

Answer 13

Risk Management

Question 14

A contract for insurance coverage. The policy spells out the precise terms and conditions as to what will and will not be covered under the contract.

Answer 14

Policy

Question 15

The price paid by the insured for insurance protection, for a specified period of time.

Answer 15

Premium

Question 16

the insurer or the one assuming a risk in return for the payment of a premium.

Answer 16

Underwriter

Question 17

an interest in either a persons life or well being or in property that is sufficiently substantial to justify insuring against injury to or death of the person or damage to the property.

Answer 17

Insurable Interest