FIN 310 Midterm #2 Exam Questions
and Answers (Most Recent Version,
Complete Study
Liability - CORRECT ANSWERS (n.) a debt; something disadvantageous
Elements of neg - CORRECT ANSWERS 1. Duty
2. Breach
3. Causation
4. Damages
Res Ipsa Loquitor - CORRECT ANSWERS The thing speaks for itself (blame it on the surgeon for
not doing the correct job)
Condominium Insurance - CORRECT ANSWERS Covers belongings, provides liability protection,
and pays additional living expenses. It also covers damage to improvements, additions, and alterations
to the condo.
Mortgage Insurance PMI - CORRECT ANSWERS Private Mortgage Insurance. Insurance policy
that protect the mortgage lender from loss in the event that the borrower defaults on the loan. Typical
required when the down payment = >20%. Usually paid monthly and ends once it is paid down to 78% of
the original value.
Title - CORRECT ANSWERS Document that proves ownership of real estate
Adjustable Rate Loans - CORRECT ANSWERS a loan in which the interest rate does not stay
fixed but varies based on the market interest rate
and Answers (Most Recent Version,
Complete Study
Liability - CORRECT ANSWERS (n.) a debt; something disadvantageous
Elements of neg - CORRECT ANSWERS 1. Duty
2. Breach
3. Causation
4. Damages
Res Ipsa Loquitor - CORRECT ANSWERS The thing speaks for itself (blame it on the surgeon for
not doing the correct job)
Condominium Insurance - CORRECT ANSWERS Covers belongings, provides liability protection,
and pays additional living expenses. It also covers damage to improvements, additions, and alterations
to the condo.
Mortgage Insurance PMI - CORRECT ANSWERS Private Mortgage Insurance. Insurance policy
that protect the mortgage lender from loss in the event that the borrower defaults on the loan. Typical
required when the down payment = >20%. Usually paid monthly and ends once it is paid down to 78% of
the original value.
Title - CORRECT ANSWERS Document that proves ownership of real estate
Adjustable Rate Loans - CORRECT ANSWERS a loan in which the interest rate does not stay
fixed but varies based on the market interest rate
