- Study guides, Class notes & Summaries

Any promise to answer for another person's debts or defaults, including the promise that a surety makes to the obligee under a bond, derives from which one of these? Statutes of frauds Following the Civil War, the growing number and complexity of financial/commercial relationships led to the need for Commercial suretyship. In accordance with a contract to build a county shed for the Village of Malcom, Raymone Construction purchases a contract surety bond from SureRite Insurance. Identify t...

-

20 pages

Written in 2023/2024

Grade A+

kydocuments

Large accounts should be monitored to ensure that when companies add subsidiaries or affiliates or are acquired by new owners, the new parties sign a new indemnity agreement. Otherwise, if a claim arises, the surety might have only which one of the following to fall back on? Select one: A. The bond form B. The three-party surety agreement. C. Its common-law rights D. An obsolete indemnity agreement C. Its common-law rights The Barker Group hired Meyer Construction to build a new high-ris...

-

19 pages

Written in 2023/2024

Grade A+

kydocuments

A type of reinsurance transaction that involves an agreement between the primary insurer and the reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and classes of business, that specifies the parties' obligations, and for which eligible risks are automatically reinsured, is Treaty reinsurance A surety's liability for a surety bond can only cease to exist when the underlying obligation/agreement has been performed as specified in the contract or w...

-

15 pages

Written in 2023/2024

Grade A+

kydocuments

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. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United States? Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production? A power of attorney While suretyship and banking both use...

-

20 pages

Written in 2023/2024

Grade A+

kydocuments

AFSB 152- Study Guide Questions and Answers 100% Solved 2 Exam (elaborations) AFSB 152 Exam Questions and Answers 100% Solved 3 Exam (elaborations) AFSB 152 Practice Exam with Complete Solutions 100% Verified 4 Exam (elaborations) AFSB 152 Exam Questions and Answers 100% Solved 5 Exam (elaborations) AFSB 152 EXAM (Chapters 1 - 10) Questions and

-

10 items

DrJon

AFSB 152- Study Guide Questions and Answers 100% Solved Chapter 1 starts here! Chapter 1 starts here! Surety bond ️️A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Surety ️️The party (usually an insurer) to a surety bond that guarantees to the obligee that the principal will fulfill an obligation or perform as required by the underlying contract, permit, or law. Obligee ️️The party to a surety bond...

-

158 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Exam Questions and Answers 100% Solved What does the premium to surplus ratio indicate? ️️o Can show how much the capacity has to withstand underwriting miscalculations o More premiums written, the higher the ratio, and more cause for concern o Underwriting/investment losses cause a decrease in policyholders' surplus, and causes increase in ratio Suretyship ️️An obligation to pay the debts of, or answer for the default or miscarriage of another Benefits to Project ...

-

149 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Practice Exam with Complete Solutions 100% Verified A. Because the next highest bid ($1 million) is 25 percent more than the low bid ($800,000), which is greater than a 10 percent difference, the bond underwriter would carefully investigate the differences and may not issue the performance and payment bonds. ️️Contractor A submits a bid of $800,000, Contractor B submits $1 million, Contractor C submits $1.2 million, and Contractor D submits $1.1 million. Which one of the ...

-

22 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Exam Questions and Answers 100% Solved Surety bond ️️A written contract that expresses one party's promise to answer for another party's failure to do something as promised. Surety ️️The party(usually an insurer) to a surety bond that guarantees to the obligee that the principal will fulfill an obligation or perform as required by the underlying contract, permit, or law. Obligee ️️The party to a surety that receives the surety's guarantee that the principal wil...

-

15 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 EXAM (Chapters 1 - 10) Questions and Answers 100% Solved How a typical design process works: ️️1. The design professional interviews the client and measures current and future needs 2. The design professional reviews existing facilities for potential renovation and for their ability to handle future growth needs 3. Professionals obtain required zoning approvals and ensures plans comply with government regulations 4. For new construction, the future owner either acquires ...

-

100 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Exam Questions and Answers 100% Solved The tender preparation stage of estimating begins after... ️️the architect and owner solicit bids, when the contractors begin their estimating processes To find clarity on payment bond terms, you can... ️️consult the applicable and relatively stable case law that does define the terms A surety needs additional information, such as _____________, to adequately evaluate the workbacklog risk of granting this bond ️️the contractor...

-

103 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152: Simulated Exam Questions and Answers 100% Solved Which one of the following is an advantage of the takeover option? ️️The obligee may forgive a delay or liquidated damages. The quality of the plans and specifications can greatly influence three tasks that can determine whether the contractor can successfully perform the work. The three tasks are... ️️Estimating, planning, and managing the work to be performed. Eastown Contracting's balance sheet shows $100,000 in cas...

-

9 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Practice Exam Part A Questions and Answers 100% Solved The two main types of construction are heavy and highway construction and ️️The general building trades Dramatic increase in project size, taking work in new geographical areas, moving into new types of construction, and lack of management maturity are all factors that can result in ️️Contractor failure The Miller Act requires a contractor on a federal construction project to post two bonds, a performance bond an...

-

9 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 - The Institutes Practice Exam Questions and Answers 100% Solved Lansing Construction Company completed major jobs including road grading, bridges, and base and paving work. Which one of the following types of contractors is Lansing? · Heavy and highway construction · General Engineering contractor · General Building contractor · Design/build contractor ️️Heavy and highway construction The project owner for a new shopping plaza being built in Highville is the Highville...

-

34 pages

Written in 2023/2024

Grade A+

DrJon

AFSB 152 Simulated Exam with Complete Solutions 100% Verified The tender preparation stage of estimating begins after... ️️the architect and owner solicit bids, when the contractors begin their estimating processes To find clarity on payment bond terms, you can... ️️consult the applicable and relatively stable case law that does define the terms A surety needs additional information, such as _____________, to adequately evaluate the workbacklog risk of granting this bond ️️...

-

3 pages

Written in 2023/2024

Grade A+

DrJon

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

-

39 pages

Written in 2023/2024

Grade A+

DRWISE

AFSB 1 Exam with 100% Correct Answers 2023

-

9 pages

Written in 2023/2024

Grade A+

professoraxel

AFSB 151 Exam Real Questions And Verified Answers | Latest Update 2023 Anthony is the surety producer for Coyle Construction (CC). CC has a pre-set annual surety credit line of $5 million/$30 million. About 3 months into the fiscal year, the contractor is bidding on an $8 million job and needs a bid bond. Which one of the following correctly describes Anthony's responsibility as the surety producer? Select one: A. Anthony should arrange a back-up surety with adequate capacity b...

-

59 pages

Written in 2023/2024

Grade A+

EWLindy

A surety bond is a written document in which one party guarantees a second party's - correct answer Performance to a third party for the second party's failure to fulfill an obligation 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 - correct answer Statutory bonds An organization that uses its collected data to calculate loss costs that member company underwriters use to determine...

-

4 pages

Written in 2023/2024

Grade A+

YANCHY

A surety bond is a written document in which one party guarantees a second party's - correct answer Performance to a third party for the second party's failure to fulfill an obligation. Which one of the these groups, for the most part, serves the market for fidelity and surety bonds in the United States? - correct answer Multiline property-casualty insurers Sureties use what written document to authorize a producer to act as the surety's agent in bond production? - correct answer A powe...

-

20 pages

Written in 2023/2024

Grade A+

YANCHY