Insurance Exam Questions & Answers Prep (Title), Louisiana Title Insurance Exam

These contracts are where the consideration that is being exchanged is unequal or unrelated to the consideration given by the other party. For example: an insurance policy-the amount an insured receives in claims is not the same or related to the amount he paid in preiums. {Ans: Aleatory Contract}INSURANCE - Marketing Systems (Independent/American Agency) {Ans: producer is: - non-exclusive - independent contractor - owns their renewal book of business - places clients where they see fit}All persons have legal capacity to contract except {Ans: Persons denied of reason at the time of contract Interdicts Unemancipated minors}When one party is obligated for the benefit of the other, but receive no advantage in return is a {Ans: Gratuitous Contract}TITLE - Abstract of Title {Ans: a condensed history of all grants affecting the property including all deeds, mortgages, wills, and judicial proceedings together with all other recorded liens and encumbrances affecting title since it was first owned; goes back 60 years}PROPERTY - Personal Property {Ans: movable property, exluded from sale}The type of authority indicated by one's actions is called {Ans: apparent}Land, improvements, and the interests, benefits, and rights inherent in the ownership {Ans: Real Property}Owned