AFSB 152- ASSIGNMENT 1 EXAM
QUESTIONS AND CORRECT ANSWERS.
VERIFIED 2025/2026.
Surety Bond - ANS A written contract that expresses one party's promise to answer for
another party's failure to do something as promised.
Obligee - ANS The party to a surety bond that receives the surety's guarantee that the
principal will fulfill an obligation or perform as promised.
Surety - ANS 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.
Suretyship - ANS The obligation of one entity to answer for the debt, default, or miscarriage
of performance of duties by another entity
Principal - ANS The party to a surety bond whose obligation or performance the surety
guarantees
Contract bond - ANS A surety bond guaranteeing the fulfillment of obligations under
construction contracts or other types of contracts
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND CORRECT ANSWERS.
VERIFIED 2025/2026.
Surety Bond - ANS A written contract that expresses one party's promise to answer for
another party's failure to do something as promised.
Obligee - ANS The party to a surety bond that receives the surety's guarantee that the
principal will fulfill an obligation or perform as promised.
Surety - ANS 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.
Suretyship - ANS The obligation of one entity to answer for the debt, default, or miscarriage
of performance of duties by another entity
Principal - ANS The party to a surety bond whose obligation or performance the surety
guarantees
Contract bond - ANS A surety bond guaranteeing the fulfillment of obligations under
construction contracts or other types of contracts
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
