Social Science Law Civil Law
AFSB 151
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AFSB 152 - chapter 2 AFSB 153 - Practice Exam Questions... CPCU 530 - Practice Quiz 2 AFSB 15
98 terms 84 terms 83 terms 248 term
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Practice questions for this set
Learn 1 /7 Study with Learn
The monetary amount above which the reinsurer responds to losses.
Choose an answer
1 Excess point 2 Priority
3 Attachment point 4 Retention limit
Don't know?
Surety Bond A written contract that expresses one party's promise to answer for another
party's failure to do something as promised.
Suretyship The obligation of one entity to answer for the debt, default, or miscarriage of
performance of duties by another entity.
Performance bond A contract bond guaranteeing that a contractor's work will be completed
according to plans and specifications.
, Payment bonds A classification of bonds that guarantee payment for labor and materials incurred
in the performance of the contract
Public official bond A commercial surety bond guaranteeing that a public official will perform his or
her duties faithfully and honestly
License and permit bonds Surety bonds that provide payment to the obligee (the state, city, or other public
entity) for loss or damage resulting from violations of the duties and obligations
imposed on the licensee or permit holder.
Cosureties Two or more sureties that execute the same bond obligation with a principal.
Penal amount (penal sum or penalty) The maximum amount the surety is obligated to pay under a surety bond.
Independent adjuster An independent claims representative who handles claims for insurers for a fee
Miller Act A federal law that requires contractors to post separate performance and
payment bonds guaranteeing payment for material and labor provided on federal
construction projects valued over a statutory amount.
admiralty Legal proceedings that involve waterways and seas, including vessels,
transportation of people or cargo by ship, vessel personnel, harbors, and virtually
all matters related to waterways
Credit line The amount of a loan or financing that a surety will extend to a contractor.
Surety 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 The intentional wrongful performance of duty.
Misfeasance The mistaken wrongful performance of duty
Nonfeasance The failure to perform a required duty
Executor A party, named in a will, who distributes and settles the deceased's estate as
prescribed in the will.
Administrator The individual appointed by a probate court to administer a decedent's estate
when the decedent has died without leaving a will (intestate).
Guardian bonds A classification of bonds that guarantee that 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 A classification of bonds that guarantee that the property will remain in the same
condition and will not be sold or otherwise disposed of.
AFSB 151
Save
Students also studied
AFSB 152 - chapter 2 AFSB 153 - Practice Exam Questions... CPCU 530 - Practice Quiz 2 AFSB 15
98 terms 84 terms 83 terms 248 term
andrea_schultz18 Preview andrea_schultz18 Preview mal_whaley Preview mal
Practice questions for this set
Learn 1 /7 Study with Learn
The monetary amount above which the reinsurer responds to losses.
Choose an answer
1 Excess point 2 Priority
3 Attachment point 4 Retention limit
Don't know?
Surety Bond A written contract that expresses one party's promise to answer for another
party's failure to do something as promised.
Suretyship The obligation of one entity to answer for the debt, default, or miscarriage of
performance of duties by another entity.
Performance bond A contract bond guaranteeing that a contractor's work will be completed
according to plans and specifications.
, Payment bonds A classification of bonds that guarantee payment for labor and materials incurred
in the performance of the contract
Public official bond A commercial surety bond guaranteeing that a public official will perform his or
her duties faithfully and honestly
License and permit bonds Surety bonds that provide payment to the obligee (the state, city, or other public
entity) for loss or damage resulting from violations of the duties and obligations
imposed on the licensee or permit holder.
Cosureties Two or more sureties that execute the same bond obligation with a principal.
Penal amount (penal sum or penalty) The maximum amount the surety is obligated to pay under a surety bond.
Independent adjuster An independent claims representative who handles claims for insurers for a fee
Miller Act A federal law that requires contractors to post separate performance and
payment bonds guaranteeing payment for material and labor provided on federal
construction projects valued over a statutory amount.
admiralty Legal proceedings that involve waterways and seas, including vessels,
transportation of people or cargo by ship, vessel personnel, harbors, and virtually
all matters related to waterways
Credit line The amount of a loan or financing that a surety will extend to a contractor.
Surety 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 The intentional wrongful performance of duty.
Misfeasance The mistaken wrongful performance of duty
Nonfeasance The failure to perform a required duty
Executor A party, named in a will, who distributes and settles the deceased's estate as
prescribed in the will.
Administrator The individual appointed by a probate court to administer a decedent's estate
when the decedent has died without leaving a will (intestate).
Guardian bonds A classification of bonds that guarantee that 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 A classification of bonds that guarantee that the property will remain in the same
condition and will not be sold or otherwise disposed of.
