Lydia's Father Has Named Lydia in His Will as the Inheritor

question 48

Multiple Choice

Lydia's father has named Lydia in his will as the inheritor of his farm. He has also named her as a beneficiary in his insurance policy. Lydia is:

• A) a donee beneficiary.
• B) an incidental beneficiary.
• C) the assignee by novation.
• D) a creditor beneficiary.

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Definitions:

Investment

Disbursing funds or other assets with the aim of earning returns or profits.

Average Annual Rate

A financial term indicating the average amount of interest earned or paid per year over the life of an investment or loan.

Enrolment

The process of registering or entering into a program, course, or institution.

Compounded Semiannually

Interest calculation method where interest is added to the principal sum twice a year, leading to interest on interest.