cpcu 556 ch 13

  1. Property
    Real estate, buildings, objects or articles, intangible assets, or rights with exchangeable value for which someone may claim legal ownership
  2. Real property
    Land and anything that is permanently attached to, embedded in, or growing on then land
  3. Personal property
    All property that is not real property
  4. Tangible personal property
    Property that has physical substance ie car
  5. Intangible personal property
    Property that does not have physical substance ie bank deposit or cd
  6. Joint tenancy (with rights of survivorship)
    property ownership characterized by the action that if one of the joint owners dies, all ownership in the property passes automatically to the other joint owner
  7. Tenancy by the entirety
    property ownership in which property is held jointly by a husband and wife, similar to a joint tenancy, but it can exist only between a husband and wife
  8. Tenancy in common
    property ownership in which the tenants in common lack the right of survivorship
  9. Valuation discounts
    Fractional interest discounts applied by some tax practitioners for lack of control and lack of marketability on the part of one tenant in common
  10. Marital property
    The property that is acquired during marriage and is owned one half by each spouse according to the Uniform Marital Property Act
  11. Common law states
    property owned by a husband or wife at time of marriage became dociled in a community property state
  12. Community property
    property aquired by either spouse durring marriage while domiciled in a community property or marital property state each spouse has a undivided one half interest in the community property
  13. life interest
    property interest that entitles the holder to the income from or the use of all or a portion of the property for their lifetime
  14. Term interest
    property interest that entitles the holder to the income from or the use of all or a portion of the property for a term of years
  15. Remainder interest
    property interest that entitles the remainder person to the property itself after a life interest or term interest has ended
  16. Grantor
    The creator of a trust
  17. Present interest
    interest that exists when the holder has a present and immediate right to the use, possession, or enjoyment of the property
  18. Future interest
    property interest that exists when the right to use or enjoy the property is postponed to some future time or in the control of someone other than the holder
  19. Power of appointment
    A power givien to a person that enables them to designate who is to get property that is subject to the power
  20. Donee of the power
    A power given to a person that enables them to designate who is to receive property that is subject to the power
  21. General power
    power to appoint property to the person having the power, the donee's estate, the donee's creditors, or creditors of the donee's estate, similar to owning the property
  22. Nongeneral powers
    powers that allow donees to appoint property only to certain persons who are not the donees themselves, their estates, their creditors, or the creditors of their estate
  23. Spouses elective share
    right of a surviving spouse to elect their statutory elective share of a deceased spouse's estate, thus electing against any will that the deceased spouse may have executed that was designed to deprive the surviving spouse of the spouses statutory elective share of the estate under state law
  24. Equitable distribution statutes
    Statutes adopted by state tyo apply to marital property in the event of a divorce, a court can divide property between the parties in an equitable manner according to factors specified in state domestic relation law, regardless of how title to the property is held
  25. Probate estate
    property that is handled and distributed by the personal representative upon a person's death
  26. Net estate
    assets that will go to one's heirs after payment of the cost of dying
  27. Interstate
    the legal condition of a person who dies without having made a valid will
  28. Testate
    the legal condition of having a legally valid will
  29. Will
    a legally enforceable declaration of what an individual wishes done with respect to his or his probate property as well as other instructions related to his or her death
  30. Trust
    fiduciary arrangement established by someone, whereby a person, corporation, or organization, called the trustee, hasw legal title to the property placed in the trust by the grantor. The trustee holds and manages this property for the beneficiary of the trust
  31. Testamentary trust
    An arrangement created under an individual's will, it does not become effective until grantor's death and its terms are part of the grantor's will
  32. Insurance trust
    Living trust whose corpus consits partly or wholly of life insurance policies during the insured's lifetime and life insurance proceeds after the insured's death
  33. Revocable trust
    living trust created by a grantor who reserves the right to revoke or amend the trust
  34. Irrevocable trust
    A form of living trust created by a grantor who does not reserve the right to revoke or alter it
  35. Joint trust
    A trust created by two or more persons
  36. Spendthrift clause
    provision designed to protect beneficiaries from their creditors by prohibiting the beneficiaries from alienating, assigning, or encumbering trust assets
  37. Trust situs
    the state or country where a trust is located
Card Set
cpcu 556 ch 13
cpcu ch 13