Surety bonds - Study guides, Class notes & Summaries

What guarantees are provided by various licence and permit bonds? 1. Compliance Guarantees 2. Financial Guarantees 3. Credit Guarantees Surety -The state of being sure, certain and secure. -"one who undertakes to pay money or to do any other act in event that his (the) principal fails therein." -Promises to answer for the default of the principal. Suretyship A guarantee of performance made by one person or entity for another. It's basic function is to eliminate risk to the person to ...

CEE 4100 Exam 2 Questions And Answers (100% Pass) 2024 What causes contractor failure? - ANS-- Rapid overexpansion - Subcontractor failure - Changes in line of work, scope of work or territory - Lack of comprehensive business plan - Poor financial controls - Failure in communication Surety Bonds - ANS-Offers assurances to the owner of a construction project that the general contractor will perform the work specified in the contract and pay certain subcontractors and suppliers Owner Ben...

he difference between surety bonds and insurance contracts is surety bonds do not constitute a transfer of risk. Subrogation Clause This clause is used when the insurer has paid a covered claim on behalf of the insured that is caused by another party. The insurance company is entitled to the insured's right of recovery from the negligent party. This clause is sometimes called "Transfer of Right of Recovery Against Others to Us." Cause of Loss Forms State the perils that ...

| latest 2024/25 exams updates | AFSB 151 PRACTICE EXAM QUESTIONS. QUESTIONS & ANSWERS/ VERIFIED/ Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - -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 - -Up to the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a constructi...

| latest 2024/25 exams updates | AFSB 151 PRACTICE EXAM QUESTIONS & ANSWERS/ VERIFIED/ Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - -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 - -Up to the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a construction contract...

Bail Bonds Louisiana Exam Study Guide with Complete Solutions Acquit - Correct Answers to set free:to judicially discharge from an acquisition;to clear (a person) of a criminal charge Bail Enforcement - Correct Answers the apprehension or surrender of a principal by a natural person who is released on bail or who has failed to appear at and state of the proceedings to answer to the charge before the court, in which he may be prosecuted obligor - Correct Answers the party who owes the duty...

AFSB 151 Practice Exam Questions and Answers 2024 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 the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a construction contract with Lee Properties. The con...

AFSB 151 Practice Exams with Complete Solutions 100% Verified 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? ️️Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for ️️Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone C...

AFSB 151 Practice Exams Questions and Answers 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 to the need for -Answer-Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction pur...