On the Death of a Partner

question 38

Multiple Choice

On the death of a partner:

• A)If a partner has a spouse, that spouse becomes a partner.
• B)The surviving partners must select a new partner to replace the deceased or the partnership is dissolved.
• C)The partnership is dissolved automatically
• D)The partnership is dissolved unless the partnership agreement provides otherwise.
• E)The partnership reverts to a sole proprietorship.

---

Definitions:

Personal Property

Items that are movable and not permanently fixed to one location, such as furniture, electronics, and vehicles.

Valued Policy

An insurance policy that pays a predetermined amount to the insured in the event of a total loss, regardless of the value of the lost property.

Fair Market Value

The price that property would sell for on the open market between a willing buyer and a willing seller.

Insure The House

Entering into a policy agreement with an insurance company to provide protection against damages or losses to one's home, typically against risks like fire, theft, or natural disasters.