AFSB 153 - Practice Exam 2023 with 100% correct answers

Which one of these is a reason that sureties face significant hazards on reclamation, mining, and removal bonds? - correct answer long-tail liability Which one of these statements about handling reclamation, mining, and removal bond claims is true? - correct answer Courts seldom rule in favor of sureties. Which one of these is the second phase of the reclamation process? - correct answer Revegetation Which one of these statements about surface or strip mining bonds is true? - correct answer The mining permit process is time consuming and expensive. Which one of these is the obligee in a retail service or professional license bond? - correct answer state or municipality Which one of these kinds of bonds would typically be associated with a carnival? - correct answer Amusement enterprise bonds Which one of these statements about producing retail services and professional license bonds is true? - correct answer Laws that require profitable bonds are sources of potential business for producers. Which one of these statements about auctioneer bonds is true? - correct answer The obligee is the state or municipality. Which one of these is the principal on a tax bond? - correct answer The owner or operator of the business that is required to collect and remit taxes With which one of these parties must producers place federal excise bonds? - correct answer Sureties that are included in the United States Department of the Treasury's listing of approved sureties Which one of these is the principal on industrial alcohol bonds? - correct answer The owner or operator of a business that manufactures industrial alcohol Which one of these kinds of bonds guarantees the payment of taxes that generate revenue for ma