Texas All lines adjuster license chapter 12 Bonds Question and answer already solved 2023
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Texas All lines adjuster license chapter 12 Bonds
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Texas All Lines Adjuster License Chapter 12 Bonds
Texas All lines adjuster license chapter 12 Bonds Question and answer already solved 2023Bonds invoke three parties _____
The principal, this is the party whi has a duty to perform AKA The obligor
The surety, thisnis the party guaranteeing the performance by the principal. The surety is AKA the...
Texas All lines adjuster license chapter 12 Bonds Question and answer already solved 2023
Bonds invoke three parties _____ - correct answer The principal, this is the party whi has a duty to perform AKA The obligor
The surety, thisnis the party guaranteeing the performance by the principal. The surety is AKA the guarantor.
The obligee this is the party reimbursed by the surety if the principal fails to perform.
Two types of bonds - correct answer Fidelity bonds
Surety bonds
fidelity bonds - correct answer a type of insurance that protects a business from employee dishonesty.only paid out when a conviction is handed down.
Name schedule bond - correct answer Fidelity bond that covers each employee named in the policy schedule for the amount listed in the schedule.
Position Schedule Bond - correct answer Fidelity bond that covers specifically named positions in the company rather than the individuals who hold these positions.
Commercial Blanket Bond - correct answer A bond which covers loss arising from the dishonesty of one or more employees acting separately or in collusion. The limit of liability applies separately to each loss, regardless of the number of employees involved.
Blanket Position Bond - correct answer Fidelity bond that specifies a single limit of Liability applicable to each employee involved in a loss.
Contract bonds - correct answer which guarantee that jobs will be completed by the contractor according to contract specifications.
bid bond - correct answer this is a good faith guarantee that says if the bidder is awarded the contract the bidder will fulfill the contract according to the bid terms including the positing of the performance and payment bonds
performance bond - correct answer used to guarantee the schedule workmanship and
completion of the contract outside of the penalties and corrective strategy laid out in the contract. Used to protect the obligee from the principals sub contractors and suppliers
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