AFSB 151 Exam Perfectly Solved To Score 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
pa...
AFSB 151 Exam Perfectly Solved To
Score 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 his or her
duties faithfully and honestly
fiduciary bond
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
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
producer
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
a written document that authorizes one person to act as another person's agent or
attorney-in-fact
execution of bond
the establishment of the formal contract between the surety, principal, and oblige that is
offered to the principal
national associations of surety bond producers
an organization that educated the general public, legislative bodies, contractor
associations, and others about the benefits of surety bonds
surety and fidelity association
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
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
the max amount the surety is obligated to pay for under a surety bond
forfeiture bond
, 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
property that can be quickly and easily converted into cash
security interest
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
tangible property consisting of land, all structures permanently attached to the land, and
whatever is growing on the land
collateral agreement form
a document that provides the conditions for posting and eventually returning collateral to
the principal
legal remedy
the court of law's solutions for a dispute that awards damages to a wronged party
equitable relief
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
the surety's common law right to compensation from the principal after paying a claim
exoneration
the surety's right to require a principal to perform or post collateral when a loss is
imminent
subrogation
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
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 another insurer for some or all of the financial consequences of certain loss
exposures covered by the primary insurance policies
primary insurer
in reinsurance, the insurer that transfers or cedes all or part of the insurance risk it has
assumed to another insurer in a contractual agreement
reinsurer
the insurer that assumes some or all of the potential costs of insured loss exposures of
the primary insurer in a reinsurance contractual agreement
facultative reinsurance
reinsurance of individual loss exposures in which the primary insurer chooses which
loss exposures to submit to the reinsurer, and the reinsurer can accept or reject any
loss exposures submitted
treaty reinsurance
a reinsurance agreement that covers an entire class or portfolio of loss exposures and
proves that the primary insurer's individual loss exposures that fall within the treaty are
automatically reinsured
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