Iv. Operating A Bail Bond Agency Exam Questions and Answers | Verified & Updated | 100% Correct
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Bail Bond
Iv. Operating A Bail Bond Agency Exam Questions and Answers | Verified & Updated | 100% Correct
BLACKS LAW DICTIONARY
PAGE 72.
LIABLE & NON-LIABLE
APPOINTMENT OF AGENT
ONCE LICENSED BY THE DEPARTMENT, A LIMITED SURETY AGENT MUST BE APPOINTED BY A SURETY COMPANY AS THEIR BAIL BOND AGENT OR ...
Iv. Operating A Bail Bond Agency Exam Questions
and Answers | Verified & Updated | 100% Correct
BLACKS LAW DICTIONARY
PAGE 72.
LIABLE & NON-LIABLE
APPOINTMENT OF AGENT
ONCE LICENSED BY THE DEPARTMENT, A LIMITED SURETY AGENT MUST BE APPOINTED BY A SURETY
COMPANY AS THEIR BAIL BOND AGENT OR "ATTORNEY-IN-FACT" TO EXECUTE BONDS
LIMITED SURETY AGENT BECOMES AN "ATTORNEY IN FACT"
ALL BAIL BOND AGENTS REQUIRES THAT EACH AGENT REGISTER
1. WITH THE SHERIFF AND THE CLERK OF THE COURT IN EVERY COUNTY WHERE HE/SHE INTENDS TO
DO BUSINESS.
2. WITH THE SHERIFF & THE CLERK OF THE COURT IN THE COUNTY WHERE THE BAIL BOND AGENT
RESIDES.
REGISTRATION AND FILING OF A CERTIFIED COPY OF RENEWED POWER OF ATTORNEY SHALL BE
PERFORMED BY APRIL 1 OF EACH ODD-NUMBERED YEAR.
POWER OF ATTORNEY ("POWERS")
THIS FORM AUTHORIZES THE LIMITED SURETY AGENT TO PLEDGE THE ASSETS OF THE SURETY
CORPORATION UP TO A MAXIMUM SPECIFIED AMOUNT
POWER OF ATTORNEY ("POWERS")
THESE POWERS ALSO CONTAIN WORDING CONCERNING THE AGENTS APPOINTMENT WITH THE
SURETY & CONFIRMS HIS/HER AUTHORITY TO PLEDGE THE ASSETS
JUSTIFICATION OF SURETIES
1. A SURETY SHALL EXECUTE AN AFFIDAVIT, THE AFFIDAVIT SHALL DESCRIBE THE SURETYS PROPERTY
& ANY ENCUMBRANCES & SHALL STATE THE NUMBER & AMOUNT OF ANY BONDS ENTERED INTO BY
THE SURETY AT ANY COURT THAT REMAIN UNDISCHARGED
2. A BOND AGENT SHALL JUSTIFY HER/HIS SURETYSHIP BY ATTACHING A COPY OF THE POWER OF
ATTORNEY ISSUED BY THE COMPANY. (CASH, MONEY ORDER, CASHIERS CHECK) BUT CANNOT BE
USED TO SECURE MORE THAN ONE BOND.
CO-SURETY
MIXING OTHER INSURANCE COMPANIES (LEGAL)
STACKING
CANT TAKE 10 POWERS TO MAKE A CERTAIN AMOUNT (COMBINING) (SAME INSURANCE) (ILLEGAL)
*EXAMPLE: $10K + $10K=100K NO!!
COMMISSION
, THE AGENT IS OFTEN ENTITLED TO A COMMISSION OR PERCENTAGE OF THE PREMIUM COLLECTED
ON EACH BOND.
BAIL AGENT CONTRACT
SPECIFY THE PERCENTAGE OF THE PREMIUM THAT MUST BE REMITTED TO THE GENERAL AGENT OR
INSURER.
MOST BAIL BOND AGENTS EARN THEIR LIVING THROUGH COMMISSIONS. THE OWNER OF THE
AGENCY EARNS A HIGHER COMMISSION THAN HE/SHE PAYS TO THE LICENSED AGENTS IN THE OFFICE
COMMISSIONS VARY BY CONTRACT.
THE OWNER OF AN AGENCY MAY PAY HIS MANAGING GENERAL AGENT OR INSURER ANYWEHRE
FROM 15% TO 40% OF ALL PREMIUM COLLECTED
AN AGENT WILL TYPICALLY BE PAID A HIGHER COMMISSION FOR BONDS HE/SHE ORIGINATES AND A
LOWER COMMISSION PERCENTAGE ON BONDS WRITTEN CLIENTS OF THE AGENCY
BUILD-UP FUND "BUFF"
PLACES LIMITATIONS & RESTRICTIONS ON THE BUILD-UP FUND WHICH IS ASSESSED BY SURETY
COMPANIES TO PROTECT THEMSELVES AGAINST THE COST OF RECOVERY ON DEFENDANTS WHO
HAVE DEFAULTED ALONG WITH ANY OTHER LOSSES CAUSED BY AN AGENT.
THE BUILD-UP FUND PAYMENT MAY NOT EXCEED 40% OF COLLECTED PREMIUM. THE INSURER OR
MANAGING GENERAL AGENT MUST MAINTAIN THE ACCOUNT IN A FLORIDA FINANCIAL INSTITUTION
EITHER IN TRUST FOR OR JOINTLY WITH THE AGENT. THE SAME STATUTE REQUIRES THAT THE
BALANCE OF SAID ACCOUNTS BE RETURNED TO THE AGENT AFTER ALL LIABILITY INCURRED UNDER
THE CONTRACT HAS BEEN DISCHARGED
20% - INSURANCE COMPANY
10%- "BUF ACCOUNT"
ALL BUILD UP FUNDS MUST BE MAINTAINED IN AN INDIVIDUAL BUILD-UP TRUST ACCOUNT FOR THE
BAIL BOND AGENT BY THE INSURER OR THE MANAGING GENERAL AGENT IN A BANK OR SAVINGS.
BUILD UP FUNDS MAY NOT EXCEED 40% OF THE PREMIUM
BUILD-UP FUNDS RECEIVED SHALL BE IMMEDIATELY DEPOSITED TO THE BUILD-UP TRUST ACCOUNT
10%
TERMINATION OF THE BAIL BOND AGENTS CONTRACT & DISCHARGED THE MONEY BELONGS TO THE
AGENT. NO LATER THAN 6 MONTHS AFTER FINAL DISCHARGE!!
NO LATER THAN 6 MONTHS
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