MHIC NASCLA Contractors Guide Exam Questions with Correct Answers

MHIC NASCLA Contractors Guide Exam Questions with Correct Answers How long does a claimant have to bring a claim against the guaranty fund? - answer3 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? - answer10 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. - answer60 days In addtion to full reimbursement of the fund, a contractor is responsible to pay at least _________interest on the amount to reimburse. - answer10 % The state can record a lien against any real property owners by the contractor for a debt owed to the fund - answerTrue If the commission pays a claim from the fund base on the actions or omissions of a contractor, the commission may suspend the contractors license until full reimbursement of the fund plus at least 10%interest - answerTrue