AFSB 153 - Practice Exam Questions With Correct Answers
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Course
AFSB 153
Institution
AFSB 153
AFSB 153 - Practice Exam Questions With
Correct Answers
Which one of these is a reason that sureties face significant hazards on reclamation, mining, and
removal bonds? - answerlong-tail liability
Which one of these statements about handling reclamation, mining, and removal bond claims is
true...
AFSB 153 - Practice Exam Questions With
Correct Answers
Which one of these is a reason that sureties face significant hazards on reclamation, mining, and
removal bonds? - answer✔✔long-tail liability
Which one of these statements about handling reclamation, mining, and removal bond claims is
true? - answer✔✔Courts seldom rule in favor of sureties.
Which one of these is the second phase of the reclamation process? - answer✔✔Revegetation
Which one of these statements about surface or strip mining bonds is true? - answer✔✔The
mining permit process is time consuming and expensive.
Which one of these is the obligee in a retail service or professional license bond? -
answer✔✔state or municipality
Which one of these kinds of bonds would typically be associated with a carnival? -
answer✔✔Amusement enterprise bonds
Which one of these statements about producing retail services and professional license bonds is
true? - answer✔✔Laws that require profitable bonds are sources of potential business for
producers.
Which one of these statements about auctioneer bonds is true? - answer✔✔The obligee is the
state or municipality.
Which one of these is the principal on a tax bond? - answer✔✔The owner or operator of the
business that is required to collect and remit taxes
With which one of these parties must producers place federal excise bonds? - answer✔✔Sureties
that are included in the United States Department of the Treasury's listing of approved sureties
Which one of these is the principal on industrial alcohol bonds? - answer✔✔The owner or
operator of a business that manufactures industrial alcohol
Which one of these kinds of bonds guarantees the payment of taxes that generate revenue for
maintaining state or local roads? - answer✔✔Mileage tax bonds
Which one of these is an objective of the United States Warehouse Act? - answer✔✔Establish
standards for safe warehouse operations
Which one of these parties is the obligee on a motor vehicle dealer bond? - answer✔✔The state
or municipality
Which one of these statements about motor vehicle bond claims is true? - answer✔✔Laws that
pertain to motor vehicle dealers vary widely throughout the United States.
Which one of these is the obligee on a mobile home warranty coverage bond? - answer✔✔The
state
Which one of these statements about motor vehicle dealer bonds is true? - answer✔✔Most motor
vehicle bonds involve a moderate level of risk.
Which one of the following is correct regarding compliance-only and permit bonds? -
answer✔✔Compliance-only and permit bonds are the least hazardous for the surety, and bond
penalties are generally small.
In a compliance bond with third-party liability, the third party can purse an action - answer✔✔In
its own name or the name of the obligee.
Which one of the following usually determines whether a bond is a forfeiture bond or an
indemnity bond? - answer✔✔The applicable statute
Sureties prefer to write - answer✔✔Continuous bonds with cancellation clauses.
Which one of the following is correct regarding the risk associated with milk dealer bonds? -
answer✔✔Milk dealer bonds are potentially hazardous as bond penalties can exceed $1 million.
Which one of the following is the obligee on state livestock dealers bonds? - answer✔✔The state
Which one of the following is correct regarding underwriting state agricultural bonds? -
answer✔✔Underwriters prefer that bond principals on state agricultural bonds be audited
annually by regulators.
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