AFSB 151 4: Commercial Surety and Fidelity exam 2023 with 100% correct answers AFSB 152: Simulated Exam Questions &Answers 2023 (100% correct )
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fidelity bonds correct answersbonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds correct answersa contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond cor...
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Add to cartfidelity bonds correct answersbonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds correct answersa contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond cor...
A surety bond is a written document in which one party guarantees a second party's correct answersPerformance 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...
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Add to cartA surety bond is a written document in which one party guarantees a second party's correct answersPerformance 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...
A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatic...
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Add to cartA type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatic...
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? correct answersStatutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships...
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Add to cartAny 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? correct answersStatutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships...
Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? correct answersSureties 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 correct ans...
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Add to cartWhich one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? correct answersSureties 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 correct ans...
Anthony is the surety producer for Coyle Construction (CC). CC has a pre-set annual surety credit line of $5 million/$30 million. About 3 months into the fiscal year, the contractor is bidding on an $8 million job and needs a bid bond. Which one of the following correctly describes Anthony's respon...
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Add to cartAnthony is the surety producer for Coyle Construction (CC). CC has a pre-set annual surety credit line of $5 million/$30 million. About 3 months into the fiscal year, the contractor is bidding on an $8 million job and needs a bid bond. Which one of the following correctly describes Anthony's respon...
When selecting a surety company for a bonding relationship with a contractor, correct answersThe producer should consider the surety's suitability factors to the contractor's needs, including the surety's philosophies, financial capacity, stability, and comfort with the projects Johnson Constr...
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Add to cartWhen selecting a surety company for a bonding relationship with a contractor, correct answersThe producer should consider the surety's suitability factors to the contractor's needs, including the surety's philosophies, financial capacity, stability, and comfort with the projects Johnson Constr...
Identify the primary distribution system used by sureties. correct answersThe primary distribution system used by sureties is insurance agents and brokers. Explain the legal difference between an agent and a broker. correct answersThe legal difference between an agent and a broker is that an agen...
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Add to cartIdentify the primary distribution system used by sureties. correct answersThe primary distribution system used by sureties is insurance agents and brokers. Explain the legal difference between an agent and a broker. correct answersThe legal difference between an agent and a broker is that an agen...
Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common l...
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Add to cartWhich one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common l...
Akiem owns a small hardware business. He plans to hire a contractor to build a new retail building for his business. Akiem contacted his financial planner for advice on the type of bods he should require from the contractor to be assured that the work will be completed properly, according to the spe...
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Add to cartAkiem owns a small hardware business. He plans to hire a contractor to build a new retail building for his business. Akiem contacted his financial planner for advice on the type of bods he should require from the contractor to be assured that the work will be completed properly, according to the spe...
statutory bonds correct answersa bond required by regulation or ordinance statutes of frauds correct answerslaw originating in English Parliament requiring that, to be enforceable, certain contracts must be in writing and signed. Surety's promise to an obligee derives from statutes of frauds ...
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Add to cartstatutory bonds correct answersa bond required by regulation or ordinance statutes of frauds correct answerslaw originating in English Parliament requiring that, to be enforceable, certain contracts must be in writing and signed. Surety's promise to an obligee derives from statutes of frauds ...
Surety bond correct answersA written contract that expresses one party's promise to answer for another party's failure to do something as promised. Principal correct answersThe party to a surety bond whose obligation or performance the surety guarantees. Obligee correct answersThe party to a...
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Add to cartSurety bond correct answersA written contract that expresses one party's promise to answer for another party's failure to do something as promised. Principal correct answersThe party to a surety bond whose obligation or performance the surety guarantees. Obligee correct answersThe party to a...
Contract Bonds correct answersThese bonds guarantee the performance of a written contract, such as the completion of a construction project. Bid Bonds correct answersA type of Contract bond which guarantees the obligee that if a contractor's bid is accepted, the contractor will provide the requi...
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Add to cartContract Bonds correct answersThese bonds guarantee the performance of a written contract, such as the completion of a construction project. Bid Bonds correct answersA type of Contract bond which guarantees the obligee that if a contractor's bid is accepted, the contractor will provide the requi...
Which one of the following statements regarding fidelity bond claims is true? correct answersBy promptly investigating a bond loss, an insurer may discover that it has recourse against persons or entities whose conduct caused or contributed to the loss, but is not relevant to the proof of loss. W...
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Add to cartWhich one of the following statements regarding fidelity bond claims is true? correct answersBy promptly investigating a bond loss, an insurer may discover that it has recourse against persons or entities whose conduct caused or contributed to the loss, but is not relevant to the proof of loss. W...
line underwriter correct answersUnderwriter who is primarily responsible for implementing the steps in the underwriting process. staff underwriter correct answersUnderwriter who is usually located in the home office and who assists underwriting management with making and implementing underwriting...
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Add to cartline underwriter correct answersUnderwriter who is primarily responsible for implementing the steps in the underwriting process. staff underwriter correct answersUnderwriter who is usually located in the home office and who assists underwriting management with making and implementing underwriting...
Field underwriting activities generally include which one of the following? correct answersProviding service to producers and policy holders Financial reports are important in bond underwriting not only because they reveal an applicant's financial condition, but also because they reflect which o...
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Add to cartField underwriting activities generally include which one of the following? correct answersProviding service to producers and policy holders Financial reports are important in bond underwriting not only because they reveal an applicant's financial condition, but also because they reflect which o...
Data correct answersraw statistics and numbers; unconnected facts information correct answersprocessed form of data knowledge correct answersknowing how to apply information in various ways, making it applicable Apply the DIK hierarchy to the evolution of how IT has been applied to business...
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Add to cartData correct answersraw statistics and numbers; unconnected facts information correct answersprocessed form of data knowledge correct answersknowing how to apply information in various ways, making it applicable Apply the DIK hierarchy to the evolution of how IT has been applied to business...
Which one of the following is an advantage of the takeover option? correct answersThe obligee may forgive a delay or liquidated damages. The quality of the plans and specifications can greatly influence three tasks that can determine whether the contractor can successfully perform the work. The t...
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Add to cartWhich one of the following is an advantage of the takeover option? correct answersThe obligee may forgive a delay or liquidated damages. The quality of the plans and specifications can greatly influence three tasks that can determine whether the contractor can successfully perform the work. The t...
Succession correct answersThe changes in community composition and associated processes following a disturbance Abiotic Factors Influencing Succession correct answers(Non-Living) Mineral soil, water, temp, essential elements, disturbances (frequency/severity) Biotic Factors Influencing Success...
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Add to cartSuccession correct answersThe changes in community composition and associated processes following a disturbance Abiotic Factors Influencing Succession correct answers(Non-Living) Mineral soil, water, temp, essential elements, disturbances (frequency/severity) Biotic Factors Influencing Success...
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The two main types of construction are heavy and highway construction and The general building trades Dramatic increase in project size, taking work in new geographical areas, moving into new types of construction, and lack of management maturity are all factors that can result in Contractor fail...
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Add to cartThe two main types of construction are heavy and highway construction and The general building trades Dramatic increase in project size, taking work in new geographical areas, moving into new types of construction, and lack of management maturity are all factors that can result in Contractor fail...
Industry correct answersthe manufacturing of goods in a factory -- part of secondary employment services correct answersany activity that fulfills a human want or need and returns money to those who provide it -- tertiary employment modernity correct answersdevelops out of renaissance (scienti...
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Add to cartIndustry correct answersthe manufacturing of goods in a factory -- part of secondary employment services correct answersany activity that fulfills a human want or need and returns money to those who provide it -- tertiary employment modernity correct answersdevelops out of renaissance (scienti...
Which one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? correct answerslong-tail liability Which one of these statements about handling reclamation, mining, and removal bond claims is true? correct answersCourts seldom rule in favor of sure...
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Add to cartWhich one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? correct answerslong-tail liability Which one of these statements about handling reclamation, mining, and removal bond claims is true? correct answersCourts seldom rule in favor of sure...
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