AFSB 151 Practice Exam Questions | 216 Questions with 100% Correct Answers | Verified | 42 Pages
93 vistas 1 veces vendidas
Grado
AFSB 151
Institución
AFSB 151
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 penal...
afsb 151 practice exam questions | 216 questions w
Escuela, estudio y materia
AFSB 151
AFSB 151
Vendedor
Seguir
Tulloch
Comentarios recibidos
Vista previa del contenido
AFSB 151 Practice Exam Questions Which one of the following cha racteristics 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 with Lee Properties. The contract required that CB Construction obtain a performance bond, with Lee Properties named as the obligee. Performance bonds guarantee that the obligee will be indemnified for any loss resulting from the principal's failure to perform the work - ✔✔According to the contract, plans, and specifications; at the agreed price; and within the time allowed Which of the following groups, for the most part, serves the market for fidelity and surety bonds in the United States? - ✔✔Multiline property -casualty insurers Which one of the following is an example of a third -party beneficiary on a given bond? - ✔✔An heir on a fi duciary executory bond Bonds under this classification guarantee that the principal will properly account for and remit government funds collected as required. Which license and permit bond classification is described? - ✔✔Tax or fee bonds The two basic types of surety bonds that are written today are - ✔✔Contract surety bonds and commercial surety bonds A basic type of bond that involves all situations in which sureties guarantee performance of obligations that generally do not arise from contract is - ✔✔Commercial surety bonds When evaluating a surety claim, claims representatives are often assisted by outside legal counsel. Which one of the following other professionals often assist claims representatives? - ✔✔Engineers The surety bond three -party re lationship, the party who guarantees fulfillment of the obligation and who will either perform the obligation or pay the costs for its fulfillment is the - ✔✔Surety Paul has the legal responsibility for the care for his brother, who is a legally incompete nt person, and for his brother's property. Paul is required to obtain a bond that guarantees he will exercise his duties faithfully and account for all property received. This bond is called - ✔✔A fiduciary bond A person who commences an action against another to obtain an equitable remedy may be required to post a bond before the court will proceed with the action. This bond is called - ✔✔A plaintiff bond Bonds for which the laws specify the bond conditions and for which all three parties are dictated by the applicable law rather than the bond provisions are - ✔✔Statutory bonds 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 Unless the cosureties limit their respective liabilities in a bond, when two or more cosureties execute a bond with the same principal, their liability to the obligee is - ✔✔Joint and several A group that educates the general public, legislative bodies, contractor associations, and others about the benefits of surety bonds is - ✔✔The National Association of Surety Bond Producers (NASBP) A surety's liability for a surety bond can only cease to exist when the underlying obligation/agreement has - ✔✔Been performed as specified in the contract or when the bond has been canceled Because most bonds are "joint and several liability" documents, the obligee can recover losses from - ✔✔The principal or the surety, or from both The Miller Act was passed to require principals, in addition to furnishing a performance bond, to furnish a separate payment bond guaranteeing payment of all bills incurred by the contractor - ✔✔For labor and materials at the project completion for all fed eral jobs Judicial bonds - ✔✔Are a category of court bonds that arise out of litigation and are posted by persons seeking or appealing a remedy in court Bond losses occur when a fiduciary and its surety are held accountable because the fiduciary did not exercise reasonable care in notifying all heirs of an impending probate proceeding. This fiduciary is called - ✔✔An administrator In accordance with a contract to build a county shed for the Village of Malcolm, Raymone Construction purchases a contract su rety bond from SureRite Insurance. Identify the principal, obligee, and surety in this suretyship. - ✔✔Principal - Raymone Construction; obligee - Village of Malcolm; Surety - SureRite Insurance In an unlimited cosurety arrangement, the obligee can collect - ✔✔The full loss from any of the cosureties up to the penal sum of the bond
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Tulloch. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $20.49. You're not tied to anything after your purchase.
