AFSB 153 - Practice Exam
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AFSB 153 - Practice Exam Questions... 153 practice exam ?s AFSB 151 Final Exam AFSB 15
67 terms 68 terms 180 terms 33 terms
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Under a surety bond, the penal sum is the same as The amount for which the bond is written.
3 multiple choice options
Which one of the following is true regarding Nonstatutory bond obligations are determined by bond language and written
characteristics of commercial surety bonds? contracts.
3 multiple choice options
All of the following illustrate commonalities among all Coverage of additional parties is eliminated.
commercial surety bonds, EXCEPT: 3 multiple choice options
If a principal fails to perform its obligation to the obligee, The surety
which one of the following parties must respond? 3 multiple choice options
Which one of the following sections of a commercial The indemnity wording
surety underwriting application details the principal's 3 multiple choice options
obligations that protect the surety?
A surety underwriter might require which one of the Collateral
following, in addition to the personal liability of the 3 multiple choice options
corporate owners or third parties, when underwriting a
hazardous bond?
A surety will not provide a bond unless the underwriter is The principal can perform the obligation the bond guarantees.
convinced that
3 multiple choice options
Which one of the following surety types is likely to have Niche sureties
studied the needs of small market segments and adapted 3 multiple choice options
products to meet those needs?
, If a bond applicant requires more than one surety bond, Assist the applicant in completing separate applications for each bond required
which one of the following steps must the producer take
3 multiple choice options
to help the applicant secure the required bonds?
Which one of the following is one of the two marketing Locating sureties for clients
roles that surety bond producers serve? 3 multiple choice options
Which one of the following are advisory rates based Loss costs
solely on loss experience? 3 multiple choice options
Sureties prefer to write Continuous bonds with cancellation clauses.
3 multiple choice options
Which one of the following is a method surety claims Interpleader action
representatives can use to address multiple claimants?
Which one of the following is correct regarding Compliance-only license and permit bonds are the least hazardous for the surety,
compliance-only license and permit bonds? and bond penalties are generally small.
3 multiple choice options
Which one of the following is correct regarding forfeiture In forfeiture, the surety pays the entire bond penalty.
bonds? 3 multiple choice options
Which one of the following is the obligee on state The state
livestock dealers bonds? 1 multiple choice option
Which one of the following is correct regarding Underwriters prefer that bond principals on state agricultural bonds be audited
underwriting state agricultural bonds? annually by regulators.
3 multiple choice options
Which one of the following is correct regarding the risk Milk dealer bonds are potentially hazardous as bond penalties can exceed $1
associated with milk dealer bonds? million
3 multiple choice options
The obligee on a Packers and Stockyards Act bond is The federal government.
3 multiple choice options
Which one of the following correctly describes action an Confirm that the contractor has property and liability insurance
underwriter should take regarding compliance-only
3 multiple choice options
contractors bonds?
Ralph is a producer who has been given a power of His prior knowledge of customers' character.
attorney by Grant Surety Partners to write contractors 3 multiple choice options
license bonds. Which one of Ralph's actions would likely
be the most valuable to Grant's underwriters?
Save
Students also studied
AFSB 153 - Practice Exam Questions... 153 practice exam ?s AFSB 151 Final Exam AFSB 15
67 terms 68 terms 180 terms 33 terms
andrea_schultz18 Preview halle_finn Preview wescorich Preview mal
Under a surety bond, the penal sum is the same as The amount for which the bond is written.
3 multiple choice options
Which one of the following is true regarding Nonstatutory bond obligations are determined by bond language and written
characteristics of commercial surety bonds? contracts.
3 multiple choice options
All of the following illustrate commonalities among all Coverage of additional parties is eliminated.
commercial surety bonds, EXCEPT: 3 multiple choice options
If a principal fails to perform its obligation to the obligee, The surety
which one of the following parties must respond? 3 multiple choice options
Which one of the following sections of a commercial The indemnity wording
surety underwriting application details the principal's 3 multiple choice options
obligations that protect the surety?
A surety underwriter might require which one of the Collateral
following, in addition to the personal liability of the 3 multiple choice options
corporate owners or third parties, when underwriting a
hazardous bond?
A surety will not provide a bond unless the underwriter is The principal can perform the obligation the bond guarantees.
convinced that
3 multiple choice options
Which one of the following surety types is likely to have Niche sureties
studied the needs of small market segments and adapted 3 multiple choice options
products to meet those needs?
, If a bond applicant requires more than one surety bond, Assist the applicant in completing separate applications for each bond required
which one of the following steps must the producer take
3 multiple choice options
to help the applicant secure the required bonds?
Which one of the following is one of the two marketing Locating sureties for clients
roles that surety bond producers serve? 3 multiple choice options
Which one of the following are advisory rates based Loss costs
solely on loss experience? 3 multiple choice options
Sureties prefer to write Continuous bonds with cancellation clauses.
3 multiple choice options
Which one of the following is a method surety claims Interpleader action
representatives can use to address multiple claimants?
Which one of the following is correct regarding Compliance-only license and permit bonds are the least hazardous for the surety,
compliance-only license and permit bonds? and bond penalties are generally small.
3 multiple choice options
Which one of the following is correct regarding forfeiture In forfeiture, the surety pays the entire bond penalty.
bonds? 3 multiple choice options
Which one of the following is the obligee on state The state
livestock dealers bonds? 1 multiple choice option
Which one of the following is correct regarding Underwriters prefer that bond principals on state agricultural bonds be audited
underwriting state agricultural bonds? annually by regulators.
3 multiple choice options
Which one of the following is correct regarding the risk Milk dealer bonds are potentially hazardous as bond penalties can exceed $1
associated with milk dealer bonds? million
3 multiple choice options
The obligee on a Packers and Stockyards Act bond is The federal government.
3 multiple choice options
Which one of the following correctly describes action an Confirm that the contractor has property and liability insurance
underwriter should take regarding compliance-only
3 multiple choice options
contractors bonds?
Ralph is a producer who has been given a power of His prior knowledge of customers' character.
attorney by Grant Surety Partners to write contractors 3 multiple choice options
license bonds. Which one of Ralph's actions would likely
be the most valuable to Grant's underwriters?
