AFSB 151 EXAM PACK ALL QUESTIONS SOLVED CORRECTLY .

The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal - Answer b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term - Answe...

Surety bond - Answer A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Principal - Answer The party to a surety bond whose obligation or performance the surety guarantees. Obligee - Answer The party to a surety bond...

In the next step of the bond prequalification process, once the producer has compiled the contractor's financial documents showing significant liquidity, - Answer The producer may facilitate underwriter interviews to help determine the contractor's experience in meeting past contractual obligati...

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...

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? - Answer Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led...

Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - Answer 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 - Answer Up t...

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...

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 St...

Surety Bond -Answer a written contract that expresses one party's promise to answer for another party's failure to do something as promised Principal -Answer The party to a surety bond whose obligation or performance the surety gaurantees Obligee -Answer The party to a surety bond t...

Contract Bonds - Answer These bonds guarantee the performance of a written contract, such as the completion of a construction project. Bid Bonds - Answer A type of Contract bond which guarantees the obligee that if a contractor's bid is accepted, the contractor will provide the required Perf...

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 ...

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...