Principal limit - Study guides, Class notes & Summaries
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HECM Practice Exam 2023 Questions and Answers
- Exam (elaborations) • 17 pages • 2023
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The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. - ANSWER-b 
 
If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: 
a. 15% of the maximum claim amount. 
b. 100% of the actual cost of repairs. 
c. 100% of the estimated cost of...
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CAIB 3 - Chapter 5 - Surety Bonds Questions and Answers 100% Pass
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CAIB 3 - Chapter 5 - Surety Bonds 
Questions and Answers 100% Pass 
 
What guarantees are provided by various licence and permit bonds? 1. Compliance 
Guarantees 
2. Financial Guarantees 
3. Credit Guarantees 
 
Surety -The state of being sure, certain and secure. 
-"one who undertakes to pay money or to do any other act in event that his (the) principal fails 
therein." 
-Promises to answer for the default of the principal. 
 
Suretyship A guarantee of performance made by one person or entity...
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HECM Practice || with 100% Correct Answers.
- Exam (elaborations) • 17 pages • 2024
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The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. correct answers b 
 
If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: 
a. 15% of the maximum claim amount. 
b. 100% of the actual cost of repairs. 
c. 100% of the estimated ...
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New York State Property and Casualty Insurance Exam Questions with 100% Correct Answers | Latest Version 2024 | Verified
- Exam (elaborations) • 14 pages • 2024
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Physical damage coverage under a garage policy is a blanket limit for covered auto, an accurate 
statement? - Yes; The dealer's physical damage limit would be done on a blanket limit basis. This 
would apply to comprehensive and collision losses to the auto inventory of the dealer. This is done 
because it is simply not practical to schedule each dealer owned vehicle for physical damage. This is 
generally accomplished by the use of a monthly reporting form. 
An insured owns a motorcycle, a mop...
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Xinnix Final Exam Questions With Correct Solutions, Already Passed!!
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After the borrower submits a complete loan application, the LE must be delivered or placed in the mail 
within how many days? - 3 business days 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor. - True 
A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from 
purchase to move in? (For non-leap years only) - 46 days 
1. Gross rent may be considered effective income when an applicant is...
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Conduct and Practices Handbook (CPH) Exam 136 Questions with Answers,100% CORRECT
- Exam (elaborations) • 21 pages • 2023
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Conduct and Practices Handbook (CPH) Exam 136 Questions with Answers 
 
Duty of care - CORRECT ANSWER This refers to obligation #3 of registered representative (RR) about acting honestly, in good faith, and in a professional manner. This is a requirement to provide advice to clients with those attributes in mind along with the proper skills and knowledge to do so. It is important to note that the standard of care provided is not a standard of perfection. RRs are usually held to this standard muc...
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PBCFR Fire Officer Chapter 8 (3.0) Midterm Exam Questions And All Correct Answers.
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(Pg 224). ___________________ refers to the process of planning, organizing, directing, and controlling the resources and activities of an organization in order to minimize detrimental effects on that organization - Answer Risk management 
 
(Pg 225). The methods of managing risk fall into three types of control - Answer Administrative control 
 
Engineering control 
 
Personnel protection 
 
(Pg 225). _____________ controls include guidelines, policies, and procedures that are established ...
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Exam Fx-Property and Casualty Exam Questions and Answers 100% Pass
- Exam (elaborations) • 12 pages • 2022
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Exam Fx-Property and Casualty Exam Questions and Answers 100% Pass To be considered an insurable risk, a loss may NOT be catastrophic 
Which of the following persons would be required to hold a producer license? a nonresident agent who negotiates insurance contracts 
Which of the following is the oldest known type of insurance? ocean marine 
The contents coverage on a homeowners policy would pay how much after the loss of one of a pair of golden candlesticks? the difference in the actual cash va...
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Law of Agency – Exam Questions and Answers 100% Pass
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Law of Agency – Exam Questions and Answers 100% Pass Duties of an Agent Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable care - OLD CAR 
General vs. Special Agent General: has less authority than the universal agent. An individual has the right to represent his or her principal in a particular type of transaction or business. 
Special: the most limited of all the agency agent may perform only limited duties for the principal. Not able to bind (obligate) the principal...
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HECM Practice Exam Questions
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HECM Practice Exam Questions 
 
The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing 
the upfront mortgage insurance premium to: 
a. 0. 
b. 0.01% of the Maximum Claim Amount. 
c. 1% of the Maximum Claim Amount. 
d. 1.25% of the Maximum Claim Amount. - b 
 
If repairs are required but can be completed after closing, the lender will create a repair set-aside 
in the amount of: 
a. 15% of the maximum claim amount. 
b. 100% of the actual cost of repairs. 
c. 100...
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