Afsb 151 chapter 2 - Study guides, Class notes & Summaries

(AFSB 151) Chapter 2 Quiz Questions with complete verified solutions

AFSB 151 - chapter 2 with 100- correct answers 2024

AFSB 151 - Chapter 2 contract bond comparison ANSWER- - Bid Bond - Performance Bond - Payment Bond - Maintenance Bond bid bonds ANSWER- A classification of bonds that guarantee that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will furnish performance and payment bonds. miller act ANSWER- A law that requires contractors to post a separate payment bond and make payment for material and labor provided on Fed...

AFSB 151 - Chapter 5 1. agent's role in underwriting ANSWER- - Gathering and Analyzing the contractors financial information - Keep the contractor and surety informed of all matters that might influence the bond relationship. 2. underwriter's role in underwriting ANSWER- - Have open lines of communication with the contractor and agent. - Effective relationship with Home Office. - Responsive 3. "Three C's" of credit ANSWER- - Character - Capacity - Capital 4. character ANS...

AFSB 151 Exam Questions & Answers Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common law.Incorrect. Under American personal suretyship, sureties were protected by laws that were favorable to them. D. Surety bonds were required to be in writing A) ...

AFSB 151 QUESTIONS AND ANSWERS RATED A+ Which one of the following characteristics is unique under American personal suretyship compared with corporate suretyship? A. Sureties were protected by laws that were favorable to them. B. This form of suretyship was subject to statutory law. C. This form of suretyship was subject to common law.Incorrect. Under American personal suretyship, sureties were protected by laws that were favorable to them. D. Surety bonds were required to be in writing ...

contract bond comparison - Answer - Bid Bond - Performance Bond - Payment Bond - Maintenance Bond bid bonds - Answer A classification of bonds that guarantee that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will furnish performance and payment bonds. miller act - Answer A law that requires contractors to post a separate payment bond and make payment for material and labor provided on Federal construction pro...