Fidelity bonds - Study guides, Class notes & Summaries

AFSB 151 FINAL EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ A surety bond is a written document in which one party guarantees a second party's - -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 States? - -Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond ...

Casualty Insurance Exam Latest 2024 Graded A+ Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as Coverage under the claims-made form According to the other insurance condition, which of the following are methods used to decide how the claim will be divided? Contribution by equal shares or contribution with limits Which of the following limits of liability in a commercial general liability policy is the mo...

KY Study Set - Property & CasualtyAll of the following are casualty coverages EXCEPT A. Auto Insurance B. Fidelity and Surety Bonds C. Ocean Marine insurance D. Crime Insurance - correct answer C. Ocean Marine Insurance Which of the following describes the major responsibilities of an insurance company's claims department? A. Uses company standards and experience to determine whether or not to accept an application for insurance. B. Inspects losses, determines if there is coverage, est...

AFSB 151 Final Exam Questions and Answers 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 States? -Answer-Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production...

AFSB 151 PRACTICE EXAMS REVIEW QUESTIONS & ANSWERS. GRADED A+ 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 Constructi...

Property and Casualty Insurance KYAll of the following are casualty coverages EXCEPT A. Auto Insurance B. Fidelity and Surety Bonds C. Ocean Marine insurance D. Crime Insurance - correct answer C. Ocean Marine Insurance Which of the following describes the major responsibilities of an insurance company's claims department? A. Uses company standards and experience to determine whether or not to accept an application for insurance. B. Inspects losses, determines if there is coverage, est...

AFSB 151 Final Exam A surety bond is a written document in which one party guarantees a second party's - 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 States? - Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production? - A power of attorney Wh...

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 contract bond guaranteeing that the project will be free of liens public official bond - ANSWER a commercial surety bond guaranteeing that a public official will perform his or her duties faithfully an...

AFSB 151 EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ fidelity bonds - -bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds - -a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond - -a contract bond guaranteeing that the project will be free of liens public official bond - -a commercial surety bond guaranteeing that a public official will perform ...

CAIB 3 Chapter 5 Exam Questions and Answers 100% Pass Identify the two main classes of bonds issued by surety companies - Answer- 1. Fidelity Bonds 2. Surety Bonds Briefly explain the purpose of a Fidelity Bond - Answer- To protect the employer from the dishonest acts of their employees. Today employees do not purchase their own Fidelity Bonds. Instead employers purchase employee dishonesty insurance Identify and explain the three C's that all underwriters take very seriously, and that ...