Afsb 153 - Study guides, Class notes & Summaries

AFSB 153 - Practice Exam questions with verified solutions 2024/2025

AFSB 153 Chapter 6 Review Questions and Answers with Complete Solutions Describe the general guarantee under a fiduciary bond - Guarantees the principal will faithfully perform all duties prescribed by law or by the courts and will demonstrate financial responsibility for the benefit of another individual or entity. What are the 5 common responsibilities of fiduciaries? - 1. Administering property or managing financial matters. 2. Promptly advise distributies of fiduciary appointments 3...

Which one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? - >>long-tail liability 2. Which one of these statements about handling reclamation, mining, and removal bond claims is true? - >>Courts seldom rule in favor of sureties. 3. Which one of these is the second phase of the reclamation process? - >>Revegetation 4. Which one of these statements about surface or strip mining bonds is true? - >>The mining per...

QUESTIONS AND ANSWERS

The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal - Answer b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term - Answer d. Revolving term In addition to assisting bond applicants to complete applications and indemnity agreements, some surety producers a. Investigate commercial surety bond losses. b. Design co...

The surety relationship includes all of the following parties, EXCEPT: a. Surety b. Fiduciary c. Obligee d. Principal - Answer b. Fiduciary All of the following are recognized bond terms, EXCEPT: a. Noncancelable (open term) b. Definite term c. Continuous term d. Revolving term - Answer d. Revolving term In addition to assisting bond applicants to complete applications and indemnity agreements, some surety producers a. Investigate commercial surety bond losses. b. Design co...

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 permit process is time consuming and expensive....

QUESTIONS AND ANSWERS

Which one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? correct answerslong-tail liability Which one of these statements about handling reclamation, mining, and removal bond claims is true? correct answersCourts seldom rule in favor of sureties. Which one of these is the second phase of the reclamation process? correct answersRevegetation Which one of these statements about surface or strip mining bonds is true? correct answersThe...