Business Law

A DISCUSSION ON WEST S BUSINESS police S CHAPTER 49 (INSURANCE ) AND 50 (WILLS , TRUSTS , AND ELDER LAW ) BASED ON MAGAZINE ARTICLES IN THE PAST YEARChapter 49 of receiv open western United States s descent legal philosophy Text and Cases discusses redress distribute to the book , Insurance is a contr feignual arrangement for transferring and eachocating chance . some(prenominal) holds wee discussed the in the retiring(a) division check to an oblige in consequence powder clip , with 58 billion in cl determinations to earnings for subsist year al integrity , U .S . insurers are jacking sneak off judgment , canceling policies and learning to discern with climate change . In pass onition to this changes in brave nurse affected the way insurers foreshadow the risk k nonted before granting policies . It discu sses the situation that insurers who are be intimate to be honor adequate in predicting the future through and through their models vex further to predict what is going to happen beside by and by the occurrence of the erosive storms in the past years . Several insurers grow examine the pattern and state that In the next ten to 15 years , they verbalize severe hurricanes would strike land 30 more often than in the past century (SimonsHowever , critics of the redress industry give tongue to the new models are just an warrant to raise premiums (Simons ) just now insurers insist that they are veneer truly pressures . However , records orient that Insurance is the world s biggest industry And until now with all its disasters , 2005 was a very profitable year for U .S . position and mishap insurers (Simons Still , convinced weather- colligate disasters provide work more and more dam be on , companies are looking beyond higher premiums for answersThe clause intelligibly deviates from the concept of ! indemnification constitution which is risk pooling as illustrated in Chapter 49 of air jacket s occupancy honor . Insurers are supposed to spread the risk among a turgid number of pack to consume the premiums lower . Unfortunately , take to the woods to the word , premiums are needting higherAnformer(a) type of insurance gaining popularity is biography insurance According to an hold in quantify pickup , whiz new development in life insurance policies is the fact that they can be resold to investors . In the article , Blumenthal , reborn his landmark insurance into two separate universal-life policies , one with a 780 ,000 last acquire and the other(a) with a 220 ,000 goal benefit . Blumenthal whence sold the larger policy to investors , who paid all related costs and in time allow absorb the cobblers last benefit . Some intelligent rea paroles to postulate reveal of a life policy include the death or split of a beneficiary , a sudden motivating for silver or escalating premiums that bring forth become un reachable (KadlecThis kind of suffice is thusly valid if we follow the definition of insurance by tungsten s Business right . According to the book , insured quest must exist at the time the policy is obtained . much all over , the policy remains valid , yet aft(prenominal) interest no ampleer exists such(prenominal) as a disjoint . Therefore , the non existence of the interest will not terminate the policy and whitethorn even allow the liquidation of such policyAnother kind of insurance is health insurance . An article printed by the New York quantify specifically discusses the show up of whether or not anorexia is covered in the insurance plan . A judge in a 1989 case against Blue revivify and Blue Shield of Greater New York ruled that sharp-set resulting from anorexia is a physical state that should be covered by aesculapian benefits (KelleyThe act of the judge is in con watchwordance with the statement s in westernmost s Business police force which stat! es that coquets must interpret equivocalness against the insurance company and that uncertainty as to whether policy in truth exists is resolved against the insurance companyThe three articles on insurance have definitely illustrated the inevitable changes that the insurance business has to hurdle in these changing times . Although the police force has delineate insurance in the simplest terms , there might be a aim to amend some provisions to cater to the industry s growthChapter 50 of westbound s Business Law discusses Wills , Trusts , and elderberry bush Law . According to the book , a will provides for a testamentary proneness of property . It is the final declaration of how a per intelligence information desires to have his or her property disposed of later on death . This has been the bone marrow of controversies for families throughout the yearsAn article printed in Time magazine discusses the problems that umteen Africans face in relation to their hereditary p attern . Beyond the quick problem of how to feed themselves and survive without parents , one of the biggest hurdles facing AIDS orphans is that of inheritance rights Kids in some(prenominal) countries just aren t able to inherit their parents bullion or property - even if it is explicitly willed to them - until they reach adulthood . By and then it is often excessively late , as property has been confiscated from them or sold by uncaring relatives . Or the kids have died themselves and so the property is left field effectively makeerless Thousands of children are losing their family lands because their parents last will and testaments cannot be executed while the child is a barbarian (Robin boyAccording to West s Business Law , guardianship day of the month to a minor or incompetent per word of honor and assumption has been created to protect a minor or incompetent individual . This is what usually happens when the heir is still a minor when he acquires the property . Although the plan of the legality is to protect the! minor , this may not be applicable to the case stated in the article which clearly makes it an exception to the general ruleOne arguable article intimately wills was printed in Forbes magazine which discussed the will of Anna Nicole Smith s declare . Smith claims she was promised half(prenominal) the billion-dollar acres of her late husband . But jibe to her husband s son , if marshal intended to leave her his money , he didn t say so in his will and a Texas put over court ruled against Smith in 2001 , ing her to fork over 1 million to cover Marshall s legal fees (HolzerThis is an allegory of the process described in West s Business Law regarding probate which states that to probate a will means to plunge its validity and carry the administration of the solid ground of the realm through a process supervised by a probate court . The probate court s legal advocator over the matter is scoopful to the exclusion of other courts until the verbalise will is validly probatedA nother controversial write up on wills is the story of Brooke Astor According to an article printed in the International predecessor Tribune , a handwriting expert say that Astor s sense of touch on amend will is not from her . He concluded that comparison of the revise will signature and kn let signatures of Astor contain elements of dissimilar earn formations and dissimilar execution however , the amended will was sign(a) less than a calendar month before Astor s 102nd natal day . The Times said two of Astor s underworld were present for the sign , as well as Francis Morrissey Jr , a lawyer who had a close working relationship with Astor s son , Anthony Marshall . The way out of Astor s care arose in July when Marshall s son Philip asked the court to shoot his father from Astor s affairs (The Associated PressThis article likewise illustrates the witness requirements inevitable in making a will as enumerated in West s Business Law . The issue of testamentary effici ency will also come into operate since Astor s old a! ge might have affected her act of amending her will . According to the book , a will is nevertheless revocable in the following instances : Revocation by a Physical coiffe of the Market , Revocation by a Subsequent musical composition or Revocation By mental process of Law . In this case , the said will was revoked by process of law overdue to the inconsistencies surrounding the amended willThe articles act the complexity of wills and the importance it plays in succession . Although the law has defined the rules to be followed regarding wills , it is apparent that the circumstances surrounding the case earn antecedence over such rulesAnother discussed by Chapter 50 is erstwhile(a) law . As defined by the book , Elder law is the legal practice area in which attorneys sanction older persons in dealing with problems relating to age . One kindle article in BusinessWeek discusses how to protect the elderly from the population they ve elect to self-confidence . In the arti cle , Eighty-seven-year-old Elizabeth suspected something was awry when her son told her she couldn t afford to move into an upscale assisted subsisting quick-wittedness . A few years before , she had given her son undestroyable power of attorney -- a document granting him fiducial right to make financial decisions on her behalf as long as she is alive .

Elizabeth knew she had the money , and when she questioned him about the shortage of funds , he just told her she was wrong . Elizabeth , wary of her son s response , told a friend who contacted Pennsylvania s Adult Protective serve (APS An probe by the agency revealed that her son had transferred 225 ,000 from her account into his o wn . stately of alienating her son Elizabeth chose n! ot to prosecute . luckily , he hadn t spent the money and could give it back . Had Elizabeth chosen other person to oversee the account , it may have prevented her son from abusing his trust . Still Elizabeth was smart to act on her suspicions . many a(prenominal) elderly victims of financial fraud do not . dishonored that a trusted family appendage , friend , or primary care provider might be deceiving them -- or worse , that they may be deemed incompetent to manage their affairs -- they often take to economise these problems hidden . The article further stated that even a well-drafted power of attorney is not fool inference . To add special protection , it would be better to assign a third-party , earlier a lawyer or other nonfamily member , to check into all spending and monthly financial statements (GutnerThis article is in consonance with the definition stated in West s Business Law with regards to a durable power of attorney . It is whole unfortunate that said docum ent is being ill-use by some relatives or persons entrusted to handle an elder s accountAnother article in financial adviser discusses the importance of living wills . It stated that mess do not like to confront their own deathrate or infirmity , but the further in evoke you consider these issues the better off you will be . Financial planners should have constant communication with a invitee and should make sure the customer has designated power of attorney and medical power of attorney or health-care proxy , and that the client has a living will and medical directive . One of the well-nigh overlook issues in the planning of an individual s soil is not what happens to the client s assets in the event of his or her death , but what happens to the client in the event of his or her disability or idiocy during life (DeMastersThe article illustrates the importance given by West s Business Law regarding living wills . It simply documents a person s wishes concerning treatment when those wishes can no longer be personally commun! icatedThe article printed in The multi-coloured Fool gave tips on how to provided on estate revenue enhancementes . It stated that current laws on the matter have given exemptions on some estates . The well news is that with basic estate planning , many people can reduce or eliminate the estate levy that might otherwise apply . A combination of trusts , gifts , and other strategies can allow people to take full turn in of the laws that protect smaller estates from taxation (CaplingerThis article also demonstrates the estate taxes discussed by West s Business Law . It is in harmoniousness with the definition that federal tax is levied upon the administration have been deducted and after exemptions have been allowedElder law has definitely changed throughout the years . This is due to the fact that many baby boomers are now slideway slope their 60s and are facing many issues as they go about in planning their estates . It is indeed useful to be build up by the options that an elder has to be able to make estate planning as fool proof as possibleWorks CitedCaplinger , Dan . estate Planning : Winding Down The Motley Fool (31 whitethorn 2006 . 22 November 2006DeMasters , Karen . Life Decisions Financial Advisor (May 2006 . 22 November 2006Gutner , Toddi . permit To Steal From Seniors BusinessWeek (5 June 2006 . 22 November 2006Kadlec , Daniel . Extra tax Time mag (30 Oct . 2006 . 22 November 2006Kelley , Tina . Insurer Sued For Refusing To Pay cost Of Anorexia New York Times (9 Nov . 2006 . 22 November 2006HYPERLINK http /money .cnn .com /2006 /10 /09 /magazines / incident /estate_plan .fortune /m ailto :emgirt fortunemail .com _blank McGirt , Ellen . Revisit your estate plan peril cartridge (12 Oct . 2006 . 22 November 2006Simons , John . Risky Business share magazine (2 Nov . 2006 . 22 November 2006The Associated Press . Handwriting expert : Astor signature on amended will is not from her International Herald Tribune (20 Oct . 2006 . 22 November 2006 PAGE Page PAGE 8 ...If you! want to get a full essay, order it on our website: OrderEssay.net

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