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BU353 Final Exam Review.docx

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Heather Graham

BU353FinalExam Review Questions1There are four elements that must exist for a negligence suit to be successful Describe these four elementsa Legal duty ex Legal duty to stop at a traffic lightb Breach of duty what a reasonable person would have donec Proximate cause foreseeability injury occurred due to the defendants actionsd Injury to plaintiff must have suffered a loss2What is meant by the absolute liability law provision of the automobile policy Who is protected under this provisionThe liability of a wrongdoers automobile insurance company to pay someone harmed by the wrongdoer even if the wrongdoer has violated the terms of the insurance policy for example by driving with an expired licenseThis is subject to a limit usually 200000 and the requirement that the wrongdoer is in violation of the contract must reimburse the insurer 3What coverages are provided under Section I and Section II of the Homeowners Policya Section IProperty CoveragesCoverage ADwelling BuildingHomeownerCoverage B Detached Private Structures Homeowner onlyplayground shed pool houseCoverage C Personal Property property you own wear or use on premisesCoverage D Additional Living Expensesb Section IILiability Coverages4What tax benefits are provided by permanent life insurance policiesPermanent life insurance is when the sum assured is due to be paid out at the end of the policy and the policy accrues a cash valueThe tax benefits are as follows death benefits are not taxed no income tax paid on increases in cash value when the policy is in force if insured dies returns are not taxed if insured lives tax is deferred until funds are received
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