AFSB 151 Final Exam, Practice Exam, AFSB 151 Practice Exam, AFSB 151 Practice Exam, AFSB 151 Exam, AFSB 151 Test, Chapter 7, Ch. 2 Practice Exam, Study Guide, Application Questions, Ch. 4, Chapter 3, Principles of Suretyship, Chapter 1, Surety Bond Basics, Chapter 1, Chapter 2, Principles of Surety...
[Show more]
A surety bond is a written document in which one party guarantees a second party's - Answer Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United State...
Preview 3 out of 20 pages
Add to cartA surety bond is a written document in which one party guarantees a second party's - Answer Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United State...
Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? - Answer Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led t...
Preview 3 out of 20 pages
Add to cartAny promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? - Answer Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led t...
Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - Answer Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults the surety will pay - Answer Up to th...
Preview 3 out of 26 pages
Add to cartWhich one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - Answer Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults the surety will pay - Answer Up to th...
A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatic...
Preview 2 out of 15 pages
Add to cartA type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatic...
fidelity bonds - Answer bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds - Answer a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond - Answer a cont...
Preview 2 out of 14 pages
Add to cartfidelity bonds - Answer bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds - Answer a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond - Answer a cont...
Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common l...
Preview 2 out of 5 pages
Add to cartWhich one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common l...
Which one of the following statements regarding fidelity bond claims is true? - Answer By promptly investigating a bond loss, an insurer may discover that it has recourse against persons or entities whose conduct caused or contributed to the loss, but is not relevant to the proof of loss In prope...
Preview 1 out of 2 pages
Add to cartWhich one of the following statements regarding fidelity bond claims is true? - Answer By promptly investigating a bond loss, an insurer may discover that it has recourse against persons or entities whose conduct caused or contributed to the loss, but is not relevant to the proof of loss In prope...
When selecting a surety company for a bonding relationship with a contractor, - Answer The producer should consider the surety's suitability factors to the contractor's needs, including the surety's philosophies, financial capacity, stability, and comfort with the projects Johnson Construction...
Preview 1 out of 3 pages
Add to cartWhen selecting a surety company for a bonding relationship with a contractor, - Answer The producer should consider the surety's suitability factors to the contractor's needs, including the surety's philosophies, financial capacity, stability, and comfort with the projects Johnson Construction...
Anthony is the surety producer for Coyle Construction (CC). CC has a pre-set annual surety credit line of $5 million/$30 million. About 3 months into the fiscal year, the contractor is bidding on an $8 million job and needs a bid bond. Which one of the following correctly describes Anthony's respon...
Preview 4 out of 45 pages
Add to cartAnthony is the surety producer for Coyle Construction (CC). CC has a pre-set annual surety credit line of $5 million/$30 million. About 3 months into the fiscal year, the contractor is bidding on an $8 million job and needs a bid bond. Which one of the following correctly describes Anthony's respon...
Akiem owns a small hardware business. He plans to hire a contractor to build a new retail building for his business. Akiem contacted his financial planner for advice on the type of bods he should require from the contractor to be assured that the work will be completed properly, according to the spe...
Preview 2 out of 10 pages
Add to cartAkiem owns a small hardware business. He plans to hire a contractor to build a new retail building for his business. Akiem contacted his financial planner for advice on the type of bods he should require from the contractor to be assured that the work will be completed properly, according to the spe...
Which one of the following is the producer's ultimate objective in the contractor-producer-underwriter relationship? - Answer To be as responsive as possible to the contractor's needs while presenting business that is reasonably consistent with the surety's underwriting standards Which one of ...
Preview 1 out of 3 pages
Add to cartWhich one of the following is the producer's ultimate objective in the contractor-producer-underwriter relationship? - Answer To be as responsive as possible to the contractor's needs while presenting business that is reasonably consistent with the surety's underwriting standards Which one of ...
Identify the primary distribution system used by sureties. - Answer The primary distribution system used by sureties is insurance agents and brokers. Explain the legal difference between an agent and a broker. - Answer The legal difference between an agent and a broker is that an agent usually re...
Preview 2 out of 7 pages
Add to cartIdentify the primary distribution system used by sureties. - Answer The primary distribution system used by sureties is insurance agents and brokers. Explain the legal difference between an agent and a broker. - Answer The legal difference between an agent and a broker is that an agent usually re...
surety - Answer Third party agreeing to be primarily liable for debt in case of default by the principal debtor principal - Answer bonded person the has the duty to perform obligee - Answer receives the guarantee from the surety that the principal will perform contract surety bond - Answer ...
Preview 2 out of 9 pages
Add to cartsurety - Answer Third party agreeing to be primarily liable for debt in case of default by the principal debtor principal - Answer bonded person the has the duty to perform obligee - Answer receives the guarantee from the surety that the principal will perform contract surety bond - Answer ...
A basic type of bond that involves all situations in which sureties guarantee performance of obligations that generally do not arise from contracts is - Answer commercial surety bonds bonds for which the laws specify the bond conditions and for which all three parties are dictated by the applicab...
Preview 2 out of 5 pages
Add to cartA basic type of bond that involves all situations in which sureties guarantee performance of obligations that generally do not arise from contracts is - Answer commercial surety bonds bonds for which the laws specify the bond conditions and for which all three parties are dictated by the applicab...
Surety bond - AAA written contract that expresses one party's promise to answer for another party's failure to do something as promised. Suretyship - AAThe obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity. Performance bond - ...
Preview 2 out of 5 pages
Add to cartSurety bond - AAA written contract that expresses one party's promise to answer for another party's failure to do something as promised. Suretyship - AAThe obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity. Performance bond - ...
Surety bond - Answer A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Principal - Answer The party to a surety bond whose obligation or performance the surety guarantees. Obligee - Answer The party to a surety bond that ...
Preview 2 out of 5 pages
Add to cartSurety bond - Answer A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Principal - Answer The party to a surety bond whose obligation or performance the surety guarantees. Obligee - Answer The party to a surety bond that ...
Contract Bonds - Answer These bonds guarantee the performance of a written contract, such as the completion of a construction project. Bid Bonds - Answer A type of Contract bond which guarantees the obligee that if a contractor's bid is accepted, the contractor will provide the required Performa...
Preview 1 out of 4 pages
Add to cartContract Bonds - Answer These bonds guarantee the performance of a written contract, such as the completion of a construction project. Bid Bonds - Answer A type of Contract bond which guarantees the obligee that if a contractor's bid is accepted, the contractor will provide the required Performa...
contract bond comparison - Answer - Bid Bond - Performance Bond - Payment Bond - Maintenance Bond bid bonds - Answer A classification of bonds that guarantee that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will fu...
Preview 1 out of 4 pages
Add to cartcontract bond comparison - Answer - Bid Bond - Performance Bond - Payment Bond - Maintenance Bond bid bonds - Answer A classification of bonds that guarantee that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will fu...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller Exampool. Stuvia facilitates payment to the seller.
No, you only buy these notes for $34.99. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
91401 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
