License and permit bonds - Study guides, Class notes & Summaries

AFSB 153 - Practice Exam Questions Which one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? - long-tail liability Which one of these statements about handling reclamation, mining, and removal bond claims is true? - Courts seldom rule in favor of sureties. Which one of these is the second phase of the reclamation process? - Revegetation Which one of these statements about surface or strip mining bonds is true? - The mining per...

AFSB 151 EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ fidelity bonds - -bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds - -a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond - -a contract bond guaranteeing that the project will be free of liens public official bond - -a commercial surety bond guaranteeing that a public official will perform ...

AFSB 151 ALL CHAPTERS EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Surety bond - -a written contracts that expresses one party's promise to another party's failure to do something promised Suretyship - -the obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity Performance bond - -a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications Payment bond - -a classification o...

Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - correct answer Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults the surety will pay - correct answer Up to the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a construction contract with Lee Properties. The contract required that CB Constructi...

AFSB 151 Practice Exam Questions & Answers (Latest Update )AFSB 151 Practice Exam Questions & Answers (Latest Update )AFSB 151 Practice Exam Questions & Answers (Latest Update )AFSB 151 Practice Exam Questions & Answers (Latest Update ) Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? - ANSWER Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults...

AFSB 151 Practice Exam Questions & Answers Graded To Pass!! Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction purcha...

AFSB 151 Practice Exam Questions With 100% Correct Answers. Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? Sureties were protected by laws that were favorable to them Except in the case of a forfeiture bond, if the principal defaults the surety will pay Up to the bond penalty, but no more than the obligee's actual loss amount CB Construction entered into a construction contract with Lee Properties. The contract ...

Surety Bond correct answers aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds correct answers aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond sever...

AFSB 151 Final Exam|Complete With A+ Graded Answers A surety bond is a written document in which one party guarantees a second party's Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United States? Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production...

AFSB 151 Exam Perfectly Solved To Score A+ fidelity bonds bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond a contract bond guaranteeing that the project will be free of liens public official bond a commercial surety bond guaranteeing that a public official will perform his or her duties faith...