MHIC UPDATED ACTUAL EXAM QUESTIONS
AND CORRECT ANSWERS FULL SOLUTION
GRADED A+
◉ How long does a claimant have to bring a claim against the
guaranty fund? Answer: 3 years from discovery of the loss or damage
◉ How many days does a contractor have to respond in writing to the
copy of claim that was sent by the commission? Answer: 10 days
◉ If within ________ after the commission gives notice , a contractor
on whose amount a claim was paid does not reimburse the fund in
full, the commission may sue the contractor for reimbursement.
Answer: 60 days
◉ In addtion to full reimbursement of the fund, a contractor is
responsible to pay at least _________interest on the amount to
reimburse. Answer: 10 %
◉ The state can record a lien against any real property owners by the
contractor for a debt owed to the fund Answer: True
◉ If the commission pays a claim from the fund base on the actions
or omissions of a contractor, the commission may suspend the
AND CORRECT ANSWERS FULL SOLUTION
GRADED A+
◉ How long does a claimant have to bring a claim against the
guaranty fund? Answer: 3 years from discovery of the loss or damage
◉ How many days does a contractor have to respond in writing to the
copy of claim that was sent by the commission? Answer: 10 days
◉ If within ________ after the commission gives notice , a contractor
on whose amount a claim was paid does not reimburse the fund in
full, the commission may sue the contractor for reimbursement.
Answer: 60 days
◉ In addtion to full reimbursement of the fund, a contractor is
responsible to pay at least _________interest on the amount to
reimburse. Answer: 10 %
◉ The state can record a lien against any real property owners by the
contractor for a debt owed to the fund Answer: True
◉ If the commission pays a claim from the fund base on the actions
or omissions of a contractor, the commission may suspend the
