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AFSB 151 2024 UPDATE COMPLETE QUESTIONS AND VERIFIED DETAILED ANSWERS GRADE A+
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AFSB 151 2024 UPDATE COMPLETE QUESTIONS AND VERIFIED DETAILED ANSWERS GRADE A+
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AFSB 151 2024 UPDATE COMPLETEQUESTIONS AND VERIFIED DETAILED
ANSWERS GRADE A+
payment bond - (correct answer) a contract bond guaranteeing that
the project will be free of liens
public official bond - (correct answer) a commercial surety bond
guaranteeing that a public official will perform his or her duties
faithfully and honestly
fiduciary bond - (correct answer) a court bond guaranteeing that
person appointed by a court to administer the property or interest of
others will faithfully perform his or her duties
license and permit bonds - (correct answer) surety bonds that
provide payment to the oblige (the state, city, or other public entity) for
loss or damage resulting from violations of the duties and obligations
imposed on the license or permit holder
fidelity bonds - (correct answer) bonds that historically have
guaranteed the performance of obligations that do not arise from
contracts
,performance bonds - (correct answer) a contract bond guaranteeing
that a contractor's work will be completed according to plans and
specifications
producer - (correct answer) any of several kinds of insurance
personnel who place insurance business with insurers and who
represent either insurers or insured, or both.
power of attorney - (correct answer) a written document that
authorizes one person to act as another person's agent or attorney-in-
fact
execution of bond - (correct answer) the establishment of the
formal contract between the surety, principal, and oblige that is offered
to the principal
national associations of surety bond producers - (correct answer) an
organization that educated the general public, legislative bodies,
contractor associations, and others about the benefits of surety bonds
surety and fidelity association - (correct answer) an advisory
organization of insurers engaged in suretyship that represents its
member companies in gathering and analyzing statistical information,
preparing regulatory filings and publications, and engaging in
representation in governmental affairs
,contract of indemnity - (correct answer) a contract in which the
insurer agrees, in the event of a covered loss, to pay an mount directly
related to the amount of the loss
bond penalty - (correct answer) the max amount the surety is
obligated to pay for under a surety bond
forfeiture bond - (correct answer) a classification of bonds that
guarantee that the surety will pay the entire bond penalty if the
principal fails to complete the obligation
liquid asset - (correct answer) property that can be quickly and
easily converted into cash
security interest - (correct answer) an interest in property that
allows the property to be sold on default to satisfy the debt for which
the security interest was given
real property - (correct answer) tangible property consisting of land,
all structures permanently attached to the land, and whatever is
growing on the land
, collateral agreement form - (correct answer) a document that
provides the conditions for posting and eventually returning collateral
to the principal
legal remedy - (correct answer) the court of law's solutions for a
dispute that awards damages to a wronged party
equitable relief - (correct answer) a court ordered remedy form
used in cases in which the plaintiff seeks an injunction or specific
performance from the defendant instead of monetary damages
indemnification - (correct answer) the surety's common law right to
compensation from the principal after paying a claim
exoneration - (correct answer) the surety's right to require a
principal to perform or post collateral when a loss is imminent
subrogation - (correct answer) in a surety agreement, the
substitution of one party for another whose debt or performance the
substituting party satisfies and that entitles the substituting party to
the rights that belongs to the defaulting party
reinsurance - (correct answer) the transfer of insurance risk from
one insurer to another through a contractual agreement under which
one insurer agrees, in return for a reinsurance premium to indemnify
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