AFSB 151 Exam Perfectly Solved To Score A+

AFSB 151 Exam Perfectly Solved To Score A+ fidelity bonds bonds that historically have guaranteed the performance of obligations that do not arise from contracts performance bonds a contract bond guaranteeing that a contractor's work will be completed according to plans and specifications payment bond a contract bond guaranteeing that the project will be free of liens public official bond a commercial surety bond guaranteeing that a public official will perform his or her duties faithfully and honestly fiduciary bond a court bond guaranteeing that person appointed by a court to administer the property or interest of others will faithfully perform his or her duties license and permit bonds surety bonds that provide payment to the oblige (the 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 producer any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insured, or both. power of attorney a written document that authorizes one person to act as another person's agent or attorney-in-fact execution of bond the establishment of the formal contract between the surety, principal, and oblige that is offered to the principal national associations of surety bond producers an organization that educated the general public, legislative bodies, contractor associations, and others about the benefits of surety bonds surety and fidelity association an advisory organization of insurers engaged in suretyship that represents its member companies in gathering and analyzing statistical information, preparing regulatory filings and publications, and engaging in representation in governmental affairs contract of indemnity a contract in which the insurer agrees, in the event of a covered loss, to pay an mount directly related to the amount of the loss bond penalty the max amount the surety is obligated to pay for under a surety bond forfeiture bond a classification of bonds that guarantee that the surety will pay the entire bond penalty if the principal fails to complete the obligation liquid asset property that can be quickly and easily converted into cash security interest an interest in property that allows the property to be sold on default to satisfy the debt for which the security interest was given real property tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land collateral agreement form a document that provides the conditions for posting and eventually returning collateral to the principal legal remedy the court of law's solutions for a dispute that awards damages to a wronged party equitable relief a court ordered remedy form used in cases in which the plaintiff seeks an injunction or specific performance from the defendant instead of monetary damages indemnification the surety's common law right to compensation from the principal after paying a claim exoneration the surety's right to require a principal to perform or post collateral when a loss is imminent subrogation in a surety agreement, the substitution of one party for another whose debt or performance the substituting party satisfies and that entitles the substituting party to the rights that belongs to the defaulting party reinsurance the transfer of insurance risk from one insurer to another through a contractual agreement under which one insurer agrees, in return for a reinsurance premium to indemnify another insurer for some or all of the financial consequences of certain loss exposures covered by the primary insurance policies primary insurer in reinsurance, the insurer that transfers or cedes all or part of the insurance risk it has assumed to another insurer in a contractual agreement reinsurer the insurer that assumes some or all of the potential costs of insured loss exposures of the primary insurer in a reinsurance contractual agreement facultative reinsurance reinsurance of individual loss exposures in which the primary insurer chooses which loss exposures to submit to the reinsurer, and the reinsurer can accept or reject any loss exposures submitted treaty reinsurance a reinsurance agreement that covers an entire class or portfolio of loss exposures and proves that the primary insurer's individual loss exposures that fall within the treaty are automatically reinsured cosureties two or more sureties that execute the same bond obligations with principal bid bond contract bond guaranteeing that a contractor bidding on a construction or supply contract will enter into the contract and will provide a performance bond miller act federal law that requires a contractors to post separate performance and payment bonds guaranteeing payment for material and labor provided on federal construction projects valued over a statutory amount mechanic's lien a lien, granted by law to anyone who repairs a specific piece of property, that secures payment for the repairs maintenance bond a contract bond guaranteeing that the work will be from defects in materials and workmanship for a specified period after the project is completed subdivision bond a contract bond guaranteeing a local governmental authority that a subdivision developer will complete the subdivision in accordance with approved proposals and at the developer's expense supply contract bond a contract bond guaranteeing that a supplier will perform the designated supply contract according to specifications compliance only bonds a classifications of bonds that guarantee that the principal will comply with the applicable laws for the business or activity compliance with third party principal will obey laws according to the activity for which the principal is licensed and pay damages to any third party suffering a loss because of the principals failure to comply tax or fee bonds a classifications of bonds that guarantee that merchandising activities will be conducted according to law merchandising and dealer bonds a classification of bonds that guarantee that merchandising activities will be conducted according to law reclamation and environmental bonds restoration of land to its original state after completion of the principal's operation act of god a natural and unavoidable catastrophe that interrupts the expected course of events judicial bonds a bond posted by a plaintiff or a defendant in a court case to protect the opposing party in the event that the principal does not prevail in the court action attachment bond a judicial bond guaranteeing that if the court decides against a plaintiff who has requested attachment of the defendant's property, the defendant will be paid any damages that result from the property attachment