Best defines subrogation, Which of the following best

Best defines subrogation

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Reference no: EM132192478

1. Which of the following is true of stock?

A) Preference stock cannot be sold by the owner without the company’s permission.

B) Stock cannot be bought before incorporation.

C) An unregistered owner of stock is not entitled to dividends.

D) An owner is not allowed to present his stock as a gift to another.

2. Which of the following is true of a quorum?

A) It is a maximum number of debentures that must be represented in order that business may be lawfully transacted.

B) A stockholder’s proxy cannot vote on his behalf in a convened meeting.

C) Under the common law, a quorum consists of the stockholders represented by proxy at a properly convened meeting.

D) Statutes, bylaws, or the articles of incorporation enable voting proxy in a quorum.

3. A corporation that is incorporated in another country is known as a(n) _____.

A) close corporation

B) domestic corporation

C) alien corporation

D) public corporation

4. James mortgaged his house and received a certain amount of money in return as a loan. However, he repaid half the loan in six months. Which of the following is likely to be true in this scenario, at the present moment?

A) The mortgagee has an insurable interest towards 25 percent of the loan amount.

B) The mortgagee has an insurable interest towards the entire loan amount.

C) The mortgagee does not have an insurable interest in the loan amount.

D) The mortgagee has an insurable interest towards half the loan amount.

5. Which of the following best defines subrogation?

A) It is the right of an insurer to assume the legal rights of the insured.

B) It is the right of an insured to conceal certain facts from the insurer.

C) It is the right of an insurer to deny life insurance claims in the case of suicide.

D) It is the right of an insurer to claim warranty in case of breach of contract.

6. Jake, a businessman, filed for bankruptcy and was declared insolvent by the courts. He owed $15,000 each to two creditors and $5,000 each to two others. The courts also decreed that he should sell his house worth $30,000, to pay his debts. Which of the following is legally permissible in this scenario?

A) Jake is entitled to sell his house and pay the creditors he owes the least amount of money to.

B) Jake is entitled to sell his house and pay whomsoever he chooses.

C) Jake is entitled to sell his house and pay the creditors he owes the maximum amount of money to.

D) Jake is entitled to sell his house and pay the creditors on a pro-rata basis.

Reference no: EM132192478

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