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Exam Elaboration | Education
AFSB 151 Practice Exam Questions
SKU: AFSB 151 Practice Exam Questions | Pages: 42 | Year: 2024
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AFSB 151 Practice Exam Questions
Which one of the following characteristics is unique under American personal suretyship
compared with corporate s...
AFSB 151 Practice Exam Questions
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 required
that CB Construction obtain a performance bond, with Lee Properties named as the obligee.
Performance bonds guarantee that the obligee will be indemnified for any loss resulting from the
principal's failure to perform the work - ✔✔According to the contract, plans, and specifications;
at the agreed price; and within the time allowed
Which of the following groups, for the most part, serves the market for fidelity and surety bonds
in the United States? - ✔✔Multiline property-casualty insurers
Which one of the following is an example of a third-party beneficiary on a given bond? - ✔✔An
heir on a fiduciary executory bond
Bonds under this classification guarantee that the principal will properly account for and remit
government funds collected as required. Which license and permit bond classification is
described? - ✔✔Tax or fee bonds
The two basic types of surety bonds that are written today are - ✔✔Contract surety bonds and
commercial surety bonds
A basic type of bond that involves all situations in which sureties guarantee performance of
obligations that generally do not arise from contract is - ✔✔Commercial surety bonds
When evaluating a surety claim, claims representatives are often assisted by outside legal
counsel. Which one of the following other professionals often assist claims representatives? -
✔✔Engineers
The surety bond three-party relationship, the party who guarantees fulfillment of the obligation
and who will either perform the obligation or pay the costs for its fulfillment is the - ✔✔Surety
Paul has the legal responsibility for the care for his brother, who is a legally incompetent person,
and for his brother's property. Paul is required to obtain a bond that guarantees he will exercise
his duties faithfully and account for all property received. This bond is called - ✔✔A fiduciary
bond
A person who commences an action against another to obtain an equitable remedy may be
required to post a bond before the court will proceed with the action. This bond is called - ✔✔A
plaintiff bond
Bonds for which the laws specify the bond conditions and for which all three parties are dictated
by the applicable law rather than the bond provisions are - ✔✔Statutory bonds
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
Unless the cosureties limit their respective liabilities in a bond, when two or more cosureties
execute a bond with the same principal, their liability to the obligee is - ✔✔Joint and several
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AFSB 151 Practice Exam Questions
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