AFSB 151 COMPREHENSIVE EXAMINATION
2026 FULL QUESTIONS AND VERIFIED
SOLUTIONS
◉ suretyship.
Answer: the obligation of one entity to answer for the debt, default,
or miscarriage of performance of duties by another entity
◉ performance bond.
Answer: a contract bond guaranteeing that a contractor's work will
be completed according to plans and specifications
◉ payment bonds.
Answer: a classification of bonds that guarantee payment for labor
and materials incurred in the performance of the contract
◉ public official bond.
Answer: a commercial surety bond guaranteeing that a public
official will perform his or her duties faithfully and honestly
◉ license and permit bonds.
,Answer: surety bonds that provide payment to the obligee (state,
city, or other public entity) for loss or damage resulting from
violations of the duties and obligations imposed on the license or
permit holder
◉ cosuerties.
Answer: two or more sureties that execute the same bond obligation
with a principal
◉ penal amount (penal sum or penalty).
Answer: the max amount the surety is obligated to pay under a
surety bond
◉ independent adjuster.
Answer: an independent claims rep who handles claims for insurers
for a fee
◉ miller act.
Answer: a federal law that requires contractors to post separate
performance and payment bond guaranteeing payment for material
and labor provided on federal construction projects valued over a
statutory amount
◉ admiralty.
,Answer: legal proceedings that involve waterways and seas,
including vessels, transportation of people or cargo by ship, vessel
personnel, harbors, virtually all matterers related to waterways
◉ credit line.
Answer: the amount of a loan or financing that a surety will extend
to a contractor
◉ surety.
Answer: 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
◉ malfeasance.
Answer: the intentional wrongful performance of duty
◉ misfeasance.
Answer: the mistaken wrongful performance of duty
◉ nonfeasance.
Answer: the failure to perform a required duty
◉ executor.
, Answer: a party, named in a will, who distributed and settles the
deceased's estate as prescribed in the will
◉ administrator.
Answer: the individual appointed by a probate court to administer a
decedent's estate when the decedent has dies without leaving a will
(intestate)
◉ guardian bonds.
Answer: a classification of bonds that guarantee a guardian will
faithfully and diligently administer a minor's estate or preserve the
rights and assets of a minor involved in litigation
◉ replevin bonds.
Answer: a classification of bonds that guarantee that the property
will remain in the same condition and will not be sold or otherwise
disposed of
◉ replevin action (replevin).
Answer: a court action that enables the plaintiff to take back
property held by the defendant before trial
◉ counter replevin bonds.
2026 FULL QUESTIONS AND VERIFIED
SOLUTIONS
◉ suretyship.
Answer: the obligation of one entity to answer for the debt, default,
or miscarriage of performance of duties by another entity
◉ performance bond.
Answer: a contract bond guaranteeing that a contractor's work will
be completed according to plans and specifications
◉ payment bonds.
Answer: a classification of bonds that guarantee payment for labor
and materials incurred in the performance of the contract
◉ public official bond.
Answer: a commercial surety bond guaranteeing that a public
official will perform his or her duties faithfully and honestly
◉ license and permit bonds.
,Answer: surety bonds that provide payment to the obligee (state,
city, or other public entity) for loss or damage resulting from
violations of the duties and obligations imposed on the license or
permit holder
◉ cosuerties.
Answer: two or more sureties that execute the same bond obligation
with a principal
◉ penal amount (penal sum or penalty).
Answer: the max amount the surety is obligated to pay under a
surety bond
◉ independent adjuster.
Answer: an independent claims rep who handles claims for insurers
for a fee
◉ miller act.
Answer: a federal law that requires contractors to post separate
performance and payment bond guaranteeing payment for material
and labor provided on federal construction projects valued over a
statutory amount
◉ admiralty.
,Answer: legal proceedings that involve waterways and seas,
including vessels, transportation of people or cargo by ship, vessel
personnel, harbors, virtually all matterers related to waterways
◉ credit line.
Answer: the amount of a loan or financing that a surety will extend
to a contractor
◉ surety.
Answer: 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
◉ malfeasance.
Answer: the intentional wrongful performance of duty
◉ misfeasance.
Answer: the mistaken wrongful performance of duty
◉ nonfeasance.
Answer: the failure to perform a required duty
◉ executor.
, Answer: a party, named in a will, who distributed and settles the
deceased's estate as prescribed in the will
◉ administrator.
Answer: the individual appointed by a probate court to administer a
decedent's estate when the decedent has dies without leaving a will
(intestate)
◉ guardian bonds.
Answer: a classification of bonds that guarantee a guardian will
faithfully and diligently administer a minor's estate or preserve the
rights and assets of a minor involved in litigation
◉ replevin bonds.
Answer: a classification of bonds that guarantee that the property
will remain in the same condition and will not be sold or otherwise
disposed of
◉ replevin action (replevin).
Answer: a court action that enables the plaintiff to take back
property held by the defendant before trial
◉ counter replevin bonds.
