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AFSB 153 EXAM QUESTIONS WITH 100% CORRECT ANSWERS | VERIFIED | LATEST UPDATE
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AFSB 153 EXAM QUESTIONS WITH 100% CORRECT ANSWERS | VERIFIED | LATEST UPDATE
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AFSB 153 EXAM QUESTIONS WITH 100%CORRECT ANSWERS | VERIFIED | LATEST
UPDATE
Which one of these statements about handling reclamation,
mining, and removal bond claims is true? Correct Answer Courts
seldom rule in favor of sureties.
Which one of these is the second phase of the reclamation
process? Correct Answer Revegetation
Which one of these statements about surface or strip mining
bonds is true? Correct Answer The mining permit process is time
consuming and expensive.
Which one of these is the obligee in a retail service or
professional license bond? Correct Answer state or municipality
Which one of these kinds of bonds would typically be associated
with a carnival? Correct Answer Amusement enterprise bonds
Which one of these statements about producing retail services
and professional license bonds is true? Correct Answer Laws
that require profitable bonds are sources of potential business for
producers.
Which one of these statements about auctioneer bonds is true?
Correct Answer The obligee is the state or municipality.
Which one of these is a reason that sureties face significant
hazards on reclamation, mining, and removal bonds? Correct
Answer long-tail liability
,Which one of these is the principal on a tax bond? Correct
Answer The owner or operator of the business that is required to
collect and remit taxes
With which one of these parties must producers place federal
excise bonds? Correct Answer Sureties that are included in the
United States Department of the Treasury's listing of approved
sureties
Which one of these is the principal on industrial alcohol bonds?
Correct Answer The owner or operator of a business that
manufactures industrial alcohol
Which one of these kinds of bonds guarantees the payment of
taxes that generate revenue for maintaining state or local roads?
Correct Answer Mileage tax bonds
Which one of these is the obligee on a warehouse and grain
elevator bond? Correct Answer The federal government
ich one of these statements about warehousing and grain dealer
bond claims is true? Correct Answer An unlicensed warehouse
must still satisfy all property redelivery demands or pay the value
of the product.
Which one of these statements about underwriting warehousing
and grain dealer bonds is true? Correct Answer Sureties prefer to
write bonds for warehouse owners that engage solely in
warehousing and that own the land on which the warehouse
stands.
Which one of these is an objective of the United States
Warehouse Act? Correct Answer Establish standards for safe
warehouse operations
,Which one of these parties is the obligee on a motor vehicle
dealer bond? Correct Answer The state or municipality
Which one of these statements about motor vehicle bond claims
is true? Correct Answer Laws that pertain to motor vehicle
dealers vary widely throughout the United States.
Which one of these is the obligee on a mobile home warranty
coverage bond? Correct Answer The state
Which one of these statements about motor vehicle dealer bonds
is true? Correct Answer Most motor vehicle bonds involve a
moderate level of risk.
Which one of the following is correct regarding compliance-only
and permit bonds? Correct Answer Compliance-only and permit
bonds are the least hazardous for the surety, and bond penalties
are generally small.
In a compliance bond with third-party liability, the third party can
purse an action Correct Answer In its own name or the name of
the obligee.
Which one of the following usually determines whether a bond is
a forfeiture bond or an indemnity bond? Correct Answer The
applicable statute
Sureties prefer to write Correct Answer Continuous bonds with
cancellation clauses.
Which one of the following is correct regarding the risk associated
with milk dealer bonds? Correct Answer Milk dealer bonds are
potentially hazardous as bond penalties can exceed $1 million.
, Which one of the following is the obligee on state livestock
dealers bonds? Correct Answer The state
Which one of the following is correct regarding underwriting state
agricultural bonds? Correct Answer Underwriters prefer that bond
principals on state agricultural bonds be audited annually by
regulators.
The obligee on a Packers and Stockyards Act bond is Correct
Answer The federal government
When third-party liability is included on bonds for homeowners,
sureties usually pay Correct Answer Up to the bond penalty.
Which one of the following is correct regarding pre-executed
bonds? Correct Answer Pre-executed bonds expedite service
and reduce delays.
Which one of the following correctly describes action an
underwriter should take regarding compliance-only contractors
bonds? Correct Answer Confirm that the contractor has property
and liability insurance
Which one of the following is correct regarding compliance-only
contractors bonds? Correct Answer Underwriters should carefully
evaluate the contractor's qualifications, but they can usually write
these bonds without reservation.
Which one of the following is a priority trade issue for Customs
and Border Protection? Correct Answer Intellectual property
rights
Which one of the following provides a determination of the final
correct rate of duty? Correct Answer Customs and Border
Protection
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