An individual or group of individual professionals who assist management in the workout process is called   Multiple Choice Turnaround advisor Bankruptcy advisor Workout judge Credit counselor   If a person dies without a will, what happens to his/her property?   Multiple Choice The property escheats to the state where the decedent was domiciled The property passes according to the wishes of the decedent’s spouse or next of kin The property passes in accordance to the intestate statute of the decedent’s state of domicile The property passes to the decedent’s children or next of kin

Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policy

What does the term "Affiliated Party mean? ΟΛ Any person who directs or participates in the conduct of alluss of a bourse and who is an officer, stockholder, owney or other person who directly controls a com Any person who is related to the writing insurance agent and works for the same based insurance comparty Any person who has the authority to bind the insurer to the risk of being assumed without requiring a bone or appointment Every group, association or other organization that prepares policy forms and makes underwriting rules axikvit to the setting of rates and underwing clos B. OC O D

If you have determined that Ms. Jones cannot disclose Terrence's condition legally, is thereanything else Nurse Jones can do regarding the information about Terrence's condition?

These facts will be used for questions 1 - 10. A, an individual, transfers land with an adjusted basis of 40 and fair market value of 100, to Newco in exchange for 50 Newco shares, fair market value of 100. B, an individual, transfers equipment with an adjusted basis of 70 and fair market value of 110 to Newco in exchange for 50 Newco shares, fair market value 100, plus GM (General Motors) stock with a fair market value of 10. 1. What is A's realized gain or loss? a loss 10 30 O 60 none of the above What is A's recognized gain or loss? Oa loss 10 30 O 60 none of the above What is B's realized gain or loss? a loss 10 O 30 60 none of the above

Please explain why a settlor would choose to create a Discretionary Trust over an Absolute Trust. Adam and Liz are married and they have two children: Robert, age 32, and Clare, age 28, that are financially independent. Robert is married and has one child and Clare is going to get married. Both Robert and Clare are planning to have more children. Adam's and Liz's total estate compromises of: Joint owned property: Adams's ISA: Liz's ISA: Adam's pension: Liz's pension: Cash savings (joint account): Adam's VCTS: Joined owned Buy to Let property: £1,500,000 £350,000 £200,000 £870,000 £650,000 £230,000 £150,000 £350,000 They also have the two following mortgages: Mortgage on residential property: £130,000 Buy To Let mortgage: £80,000

Generally, a mortgage's right of redemption will terminate by a judicial foreclosure sale. Select one: True False

3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.

Arnold, age 75, established an irrevocable trust to benefit his grandson, Randolph. Randolph will receive trust income annually until he reaches the age of 30. The trust will then terminate and all the principal of the trust will be distributed to Ashley, Arnold's 30 year old wife. Which of the following statement(s) is/are correct regarding Generation Skipping Transfer Tax (GSTT)? 1. If Randolph's father (Arnold's son) is deceased at the time the irrevocable trust is established, then Randolph is a nonskip person. II. If Ashley is not the spouse of Arnold when the trust terminates, then she is a skip person. A. I only. B. Il only. C. Both I and II. D. None of the above.

Apex Hospital is in need of major renovation of its electrical system. One of Apex’s governing board members, Willy Watt, is an electrical contractor who is a partial owner of an electrical restoration company. He would like to bid on the project. May he? If he does, what must he do? What must the governing board do? Is there a problem with Mr. Watt’s fiduciary duty? Is there a problem with the governing board’s fiduciary duty? Recommend the best steps that Apex Hospital should follow.