100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AFSB 151 Exam |Complete Questions with A+ Graded A+ Answers $10.39   Add to cart

Exam (elaborations)

AFSB 151 Exam |Complete Questions with A+ Graded A+ Answers

 3 views  0 purchase
  • Course
  • Institution

AFSB 151 Exam |Complete Questions with A+ Graded A+ Answers What are the 2 key roles that producers play - Prequalifying Contractors - Maintaining Communication What are the tasks of producers when prequalifying contracts? 1) Compiling Financial Docs 2) Conducting a background investigati...

[Show more]

Preview 2 out of 8  pages

  • May 10, 2024
  • 8
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
AFSB 151 Exam |Complete Questions with A+
Graded A+ Answers
What are the 2 key roles that producers play
- Prequalifying Contractors
- Maintaining Communication


What are the tasks of producers when prequalifying contracts?
1) Compiling Financial Docs
2) Conducting a background investigation
3) Selecting a surety company
4) preforming credit analysis
5) Present findings


What are the 4 things that UWs need to determine?
- The feasibility of the surety's undertaking a particular risk
- The conditions an applicant should meet for the surety to undertake a risk
- The necessity for the principal to file collateral to support the risk
- The surety bond premium


Define Independent adjuster
Preform investigation on behalf of the surety.


Name the types of contract bonds:
Maintenance bonds
Payment bonds
Performance bonds
Bid Bonds


What does a maintenance bond guarantee?
A maintenance bond guarantees that a contractor's work will be free from defects in materials and
workmanship for a specified period after the work is completed


What does a bid bond guarantee?
guarantees that if the contractor's bid is accepted, the contractor will enter into the contract at the
price quoted.


What does a performance bond guarantee?
guarantees that the obligee will be indemnified for any loss resulting from the principal's failure to
preform the work according to the contract, plans, and specifications agreed price within the time
allowed


What does a payment bond guarantee?
guarantee that bills incurred by a contractor for labor and materials will be fully paid at the
completion of the project


Why might the contractor refuse the contractor?
- Contract is virtually impossible at the quoted price

, - Economic conditions change (cost of labor, unexpected inflation)
- mistake in preparing bid and does not make effort to obtain relief


What is the Miller act?
A federal law that requires contractors to post separate performance and payment bonds
guaranteeing payment for material and labor provided on federal construction projects valued over a
statutory amount.


Name categories of commercial surety bonds?
License and permit bonds
Public official bonds
Court bonds
Miscellaneous surety bonds
Financial Guarantee bonds


What do license and permit bonds guarantee?
provide payment to obligee if the licensee or permit holder violates obligations and cause
loss/damage
prevent general public and gov against losses resulting from principals failure to fulfill its duties


Why do gov require license?
- source of revenue
- they help regulate lic ense holders by requiring then to adhere to statutes, regs, and ordinance to
ensure safety and welfare


What does the public official bonds guarantee?
Guarantees the principal honesty, faithful performance, or both.


What is a court bond guarantee?
Guarantees that an individual or organization will faithfully perform certain duties prescribed by law
or a court or will demonstrate financial responsibility for the benefit of another until the outcome of
the court proceeding


What are the 3 types of court bonds?
Fiduciary bonds
Judicial bonds
Admiralty bonds


What does a judicial bond guarantee?
guarantees that participants in lawsuits can pursue legal remedies in courts


What does a fiduciary bond guarantee?
guarantees that those entrusted with the care of property belonging to other will exercise their duties
faithfully, account for all property received and make good any defiance for which a court may hold
such fiduciaries liable


What does a admiralty bonds guarantee?

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

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.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller LectDan. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.39. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.39
  • (0)
  Add to cart