Hey just need my answers checked again please!
1. The property pledged by the debtor as security for the debt is the
A. surety
B. credit
C. interest
D. collateral
I chose D.
2. The person the agent deals with on behalf of the principal is called the
A. co-agent
B. proprietor
C. servant
D. third party
I chose A.
3. The person who receives the proceeds of insurance is the
A. policy holder
B. beneficiary
C. insurer
D. recipient
I chose B
4. Liability to pay only under certain conditions is _____ liability
A. primary
B. secondary
C. tertiary
D. surety
I chose B.
5. A corporation that is formed in a state other than that in which it operates is said to be a _______ corporation
A. for-profit
B. domestic
C. foreign
D. alien
I chose D.
Let's go through each question to check your answers:
1. The property pledged by the debtor as security for the debt is the:
You chose D. Collateral. That is correct.
2. The person the agent deals with on behalf of the principal is called the:
You chose A. Co-agent. The correct answer is D. Third party. A third party refers to someone who is not directly involved as a principal or agent in a particular transaction.
3. The person who receives the proceeds of insurance is the:
You chose B. Beneficiary. That is correct.
4. Liability to pay only under certain conditions is _____ liability:
You chose B. Secondary. The correct answer is C. Tertiary. Tertiary liability refers to liability that arises after primary and secondary liabilities have been exhausted or satisfied.
5. A corporation that is formed in a state other than that in which it operates is said to be a _______ corporation:
You chose D. Alien. The correct answer is C. Foreign. A foreign corporation is one that is incorporated in a state or country other than the state where it primarily operates.
Overall, you got 3 out of 5 answers correct. Good job!