Iv. Operating A Bail Bond Agency Exam Questions and Answers | Verified & Updated | 100% Correct

Iv. Operating A Bail Bond Agency Exam Questions and Answers | Verified & Updated | 100% Correct BLACKS LAW DICTIONARY PAGE 72. LIABLE & NON-LIABLE APPOINTMENT OF AGENT ONCE LICENSED BY THE DEPARTMENT, A LIMITED SURETY AGENT MUST BE APPOINTED BY A SURETY COMPANY AS THEIR BAIL BOND AGENT OR "ATTORNEY-IN-FACT" TO EXECUTE BONDS LIMITED SURETY AGENT BECOMES AN "ATTORNEY IN FACT" ALL BAIL BOND AGENTS REQUIRES THAT EACH AGENT REGISTER 1. WITH THE SHERIFF AND THE CLERK OF THE COURT IN EVERY COUNTY WHERE HE/SHE INTENDS TO DO BUSINESS. 2. WITH THE SHERIFF & THE CLERK OF THE COURT IN THE COUNTY WHERE THE BAIL BOND AGENT RESIDES. REGISTRATION AND FILING OF A CERTIFIED COPY OF RENEWED POWER OF ATTORNEY SHALL BE PERFORMED BY APRIL 1 OF EACH ODD-NUMBERED YEAR. POWER OF ATTORNEY ("POWERS") THIS FORM AUTHORIZES THE LIMITED SURETY AGENT TO PLEDGE THE ASSETS OF THE SURETY CORPORATION UP TO A MAXIMUM SPECIFIED AMOUNT POWER OF ATTORNEY ("POWERS") THESE POWERS ALSO CONTAIN WORDING CONCERNING THE AGENTS APPOINTMENT WITH THE SURETY & CONFIRMS HIS/HER AUTHORITY TO PLEDGE THE ASSETS JUSTIFICATION OF SURETIES 1. A SURETY SHALL EXECUTE AN AFFIDAVIT, THE AFFIDAVIT SHALL DESCRIBE THE SURETYS PROPERTY & ANY ENCUMBRANCES & SHALL STATE THE NUMBER & AMOUNT OF ANY BONDS ENTERED INTO BY THE SURETY AT ANY COURT THAT REMAIN UNDISCHARGED 2. A BOND AGENT SHALL JUSTIFY HER/HIS SURETYSHIP BY ATTACHING A COPY OF THE POWER OF ATTORNEY ISSUED BY THE COMPANY. (CASH, MONEY ORDER, CASHIERS CHECK) BUT CANNOT BE USED TO SECURE MORE THAN ONE BOND. CO-SURETY MIXING OTHER INSURANCE COMPANIES (LEGAL) STACKING CANT TAKE 10 POWERS TO MAKE A CERTAIN AMOUNT (COMBINING) (SAME INSURANCE) (ILLEGAL) *EXAMPLE: $10K + $10K=100K NO!! COMMISSION THE AGENT IS OFTEN ENTITLED TO A COMMISSION OR PERCENTAGE OF THE PREMIUM COLLECTED ON EACH BOND. BAIL AGENT CONTRACT SPECIFY THE PERCENTAGE OF THE PREMIUM THAT MUST BE REMITTED TO THE GENERAL AGENT OR INSURER. MOST BAIL BOND AGENTS EARN THEIR LIVING THROUGH COMMISSIONS. THE OWNER OF THE AGENCY EARNS A HIGHER COMMISSION THAN HE/SHE PAYS TO THE LICENSED AGENTS IN THE OFFICE COMMISSIONS VARY BY CONTRACT. THE OWNER OF AN AGENCY MAY PAY HIS MANAGING GENERAL AGENT OR INSURER ANYWEHRE FROM 15% TO 40% OF ALL PREMIUM COLLECTED AN AGENT WILL TYPICALLY BE PAID A HIGHER COMMISSION FOR BONDS HE/SHE ORIGINATES AND A LOWER COMMISSION PERCENTAGE ON BONDS WRITTEN CLIENTS OF THE AGENCY BUILD-UP FUND "BUFF" PLACES LIMITATIONS & RESTRICTIONS ON THE BUILD-UP FUND WHICH IS ASSESSED BY SURETY COMPANIES TO PROTECT THEMSELVES AGAINST THE COST OF RECOVERY ON DEFENDANTS WHO HAVE DEFAULTED ALONG WITH ANY OTHER LOSSES CAUSED BY AN AGENT. THE BUILD-UP FUND PAYMENT MAY NOT EXCEED 40% OF COLLECTED PREMIUM. THE INSURER OR MANAGING GENERAL AGENT MUST MAINTAIN THE ACCOUNT IN A FLORIDA FINANCIAL INSTITUTION EITHER IN TRUST FOR OR JOINTLY WITH THE AGENT. THE SAME STATUTE REQUIRES THAT THE BALANCE OF SAID ACCOUNTS BE RETURNED TO THE AGENT AFTER ALL LIABILITY INCURRED UNDER THE CONTRACT HAS BEEN DISCHARGED 20% - INSURANCE COMPANY 10%- "BUF ACCOUNT" ALL BUILD UP FUNDS MUST BE MAINTAINED IN AN INDIVIDUAL BUILD-UP TRUST ACCOUNT FOR THE BAIL BOND AGENT BY THE INSURER OR THE MANAGING GENERAL AGENT IN A BANK OR SAVINGS. BUILD UP FUNDS MAY NOT EXCEED 40% OF THE PREMIUM BUILD-UP FUNDS RECEIVED SHALL BE IMMEDIATELY DEPOSITED TO THE BUILD-UP TRUST ACCOUNT 10% TERMINATION OF THE BAIL BOND AGENTS CONTRACT & DISCHARGED THE MONEY BELONGS TO THE AGENT. NO LATER THAN 6 MONTHS AFTER FINAL DISCHARGE!! NO LATER THAN 6 MONTHS