TEC 226 EXAM 3 QUESTIONS AND ACCURATE
ANSWERS
What is a payment bond - Answers - protects the owner if the subs/suppliers are not
paid by prime contractor.
How long is a bond good for - Answers - the life of the contract
What is the maximum amount of bonding that a company will do (maximum amount of
work) - Answers - 100% of the contractor's price
What is the word when the gc goes back on the party that caused a problem? - Answers
- litigation
What is the name for insurance payments - Answers - premium
Can workers comp be denied - Answers - yes, if they are guilty or intoxicated
What are the benefits of workers compensation - Answers - it covers medical expenses,
hospitalization costs, and disability payments.
What is the experience modification rating? - Answers - a measure of insurance use of
"workers compensation" insurance
What damages does general liability insurance cover? - Answers - bodily injury, and
property damages caused by third parties.
Most liability claims fall under what 2 categories? - Answers - premises/operations
What is the property insurance used on a project called? - Answers - builders risk
insurance
When should you require insurance to be in place? - Answers - before the project
begins
What is the best place to put alternate dispute resolution methods? - Answers -
mediation
What traits do mediators have? - Answers - they tend to be very good at what they do
What is the best way to avoid disputes? - Answers - do a teambuilding activity before
the project starts
ANSWERS
What is a payment bond - Answers - protects the owner if the subs/suppliers are not
paid by prime contractor.
How long is a bond good for - Answers - the life of the contract
What is the maximum amount of bonding that a company will do (maximum amount of
work) - Answers - 100% of the contractor's price
What is the word when the gc goes back on the party that caused a problem? - Answers
- litigation
What is the name for insurance payments - Answers - premium
Can workers comp be denied - Answers - yes, if they are guilty or intoxicated
What are the benefits of workers compensation - Answers - it covers medical expenses,
hospitalization costs, and disability payments.
What is the experience modification rating? - Answers - a measure of insurance use of
"workers compensation" insurance
What damages does general liability insurance cover? - Answers - bodily injury, and
property damages caused by third parties.
Most liability claims fall under what 2 categories? - Answers - premises/operations
What is the property insurance used on a project called? - Answers - builders risk
insurance
When should you require insurance to be in place? - Answers - before the project
begins
What is the best place to put alternate dispute resolution methods? - Answers -
mediation
What traits do mediators have? - Answers - they tend to be very good at what they do
What is the best way to avoid disputes? - Answers - do a teambuilding activity before
the project starts
