Surety bond - Study guides, Class notes & Summaries

The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal - b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term - d. Revolving term In addition to assisting bond applicants to complete applications and indemnity agreements, some surety producers a. Investigate commercial surety bond losses. b. Design commercial surety bond fo...

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 ...

Iowa Surety Bond 12-IA-46-IA Graded A+ A bankers bond doesn't cover: ️Doesn't Guarantee Drafts Three Parties to a Surety Bond: ️Principal, Surety, Obligee Obligee ️Party that receives the benefit of the bond Surety ️Party that guarantees the obligation will be performed. Principal ️The party that takes the obligation. Obligee ️Receives the benefit Surety ️Guarantees the obligation. Superseded Suretyship ️Provides continuity when a new fidelity bond replaces one ...

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 with Lee Properties. The contract required that CB Construction obtain a performance bond, ...

The Motor Vehicle Dealer Board has among its members - ANSWER Board is comprised of three (3) motor vehicle dealers, three (3) used motor vehicle dealers, and three (3) public members The Motor Vehicle Dealer Board is authorized and empowered to a. issue or deny buyer agent licenses b. issue or deny manufacturer representative licenses c. issue or deny motor vehicle dealer and salesperson licenses d. all of the above - ANSWER C. the administration, enforcement, issuance, and denia...

Minimum age to become a Notary in PA - Answer - 18 years of age What is maximum amount of time to record bond, oath of office and commission at the Recorder of Deeds in the county which the notary maintains an office? - Answer - 45 Days Under RULONA, what amount must surety bond from insurance company licensed in PA in? - Answer - $10,000 RULONA requires a surety company provide the Department of State how many days notice before canceling the bond? - Answer - 30 Days The department ...

PA Notary Exam Questions with accurate answers, 100% Accurate. Rated A+ Minimum age to become a Notary in PA - -18 years of age What is maximum amount of time to record bond, oath of office and commission at the Recorder of Deeds in the county which the notary maintains an office? - -45 Days Under RULONA, what amount must surety bond from insurance company licensed in PA in? - -$10,000 RULONA requires a surety company provide the Department of State how many days notice before canc...

Surety Bond Exam Prep actual questions with accurate answers

Casualty Insurance Exam Coverage that is triggered when a claim is first made against the insured, regardless of when the injury took place, is known as - correct answer 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? - correct answer Contribution by equal shares or contribution with limits Which of the following limits of liability in a commercial general liability policy is t...

The purpose of bail is? - correct answer To guarantee appearance and a bail bond shall not be forfeited for any other reason. What are the three documents that a court clerk must provide to the professional bail agent when forfeiting a bond. - correct answer Judgment Nisi Scire Facias Copy of the Bench Warrant A Final Judgement is returnable for? - correct answer At least 90 days When can a bond be forfeited? - correct answer At the time of nonappearance (at the missed court date) ...