Feta Is a Partner in the Game Design Firm GR8

question 10

Multiple Choice

Feta is a partner in the game design firm GR8 Games,Inc. ,which ob?tains key-person life in?surance on Feta in the amount of $1 million from Halo Insurance Company.Feta quits GR8 Games to join Icy Applications,Inc.Feta dies.Under the principle of insurable interest,Halo must pay the $1 million to

• A)Feta's spouse Jo.
• B)GR8 Games.
• C)Icy Applications.
• D)no one.

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Definitions:

Obtaining Control

The act of gaining the power or authority to manage or direct something or someone.

Collateral

Assets pledged by a borrower to secure a loan or credit, which the lender may seize if the borrower fails to repay the loan.

Deposit Account

A bank account that holds deposited funds, such as a savings or checking account, allowing for the deposit and withdrawal of money.

Perfection

In law, especially regarding secured transactions, refers to the act of making a security interest enforceable against third parties by fulfilling legal requirements.