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AFSB 152 Chapters 12 & 13 test questions fully solved & updated 2024.
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AFSB 152 Chapters 12 & 13 test questions fully solved & updated 2024.
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AFSB 152:Chapters 12 &
13 test
questions fully
solved &
updated 2024
Salvage - answer The recovery that the
surety seeks through indemnification of the
principal and any other indemnitors after
paying a claim.
Exoneration - answer The surety's right to
require a principal to perform or post
collateral when a loss is imminent.
, Indemnification - answer The surety's
common law right to compensation from the
principal after paying a claim.
Quia timet - answer A court order that
enables the surety to attach the principal's
assets, prevents the principal from disposing
of assets, and aids the recovery of loss
payments.
Financing statement - answer The filed
public notice to perfect, or legally establish,
a creditor's rights under the Uniform
Commercial Code Section (UCC).
Unfair claim practices law - answer A state
law that specifies illegal claim practices.
Producer - answer Any of several kinds of
insurance personnel who place insurance
business with insurers and who represent
either insurers or insureds, or both.
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