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AFSB 153 - Commercial Surety (Asgmt. 6) questions with verified solutions 2024/2025
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AFSB 153 - Commercial Surety (Asgmt. 6) questions with verified solutions 2024/2025
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AFSB 153 - Commerical Surety (Asgmt. 6)Fiduciary
A person or entity that holds a position of trust,
manages another person's or entity's affairs or funds,
and has a duty to that person or entity to act in a
trustworthy manner.
Fiduciary bond
A court bond guaranteeing that a person appointed by a court to administer the property or
interests of others will faithfully perform his or her duties.
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Distributee
A person or an entity that benefits from the service of, or financial responsibility provided by, a
fiduciary.
Informal probate
The judicial procedure for administering a deceased person's estate with minimal involvement of
the probate court.
Intestate
Term used to describe a person who dies without a valid will, resulting in the distribution of
assets according to state intestacy laws.
, Administrator
The individual appointed by a probate court to administer a decedent's estate when the
decedent has died without leaving a will (intestate).
Letter of administration
A legal instrument that a court issues to appoint an administrator
Administrator de bonis non (d.b.n.)
An individual appointed by a probate court to replace an original administrator who died,
resigned, or was discharged before completing the estate administration.
Administrator cum testamento annexo (c.t.a.), or administrator with will annexed (w.w.a.)
An individual appointed by a probate court to administer the estate of a deceased person who
left a will, but failed to appoint an executor, or whose appointed executor did not meet court
approval or declined to serve as executor.
Administrator cum testamento annexo, de bonis non (c.t.a.d.b.n.)
An individual appointed by a probate court to replace an original administrator cum testamento
annexo who died, resigned, or was discharged before completing the estate administration.
Administrator pendente lite
An individual appointed by a probate court to temporarily preserve the assets of a decedent's
estate when the will is contested and the person named executor cannot qualify, or when a
regular or permanent administrator cannot be appointed for some other reason.
Testator
An individual who has made a will.
Executor
A party, named in a will, who distributes and settles the deceased's estate as prescribed in the
will.
Personal representative
An individual, named by a person who dies leaving a will, who distributes and settles the
deceased's estate, especially in states that have adopted the Uniform Probate Code.
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