L S
Quiz von , erstellt am more than 1 year ago

40% of the surety producer examination, and consist of around 20 questions.

61
1
0
L S
Erstellt von L S vor mehr als 5 Jahre
Schließen

Chapter 3

Frage 1 von 42

1

All surety bonds are considered a three party contract.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 2 von 42

1

An insurance contract may not be formed as a two party contract between the
insurer and the insured.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 3 von 42

1

There are __________ parties to a surety bond.

Wähle eine der folgenden:

  • 0

  • 2

  • 1

  • 3

Erklärung

Frage 4 von 42

1

The parties to a surety bond consist of:

Wähle eine der folgenden:

  • Principal

  • Obligee

  • Surety

  • All of the above

Erklärung

Frage 5 von 42

1

________ is the party in a surety bond that the bond is being posted for

Wähle eine der folgenden:

  • Principal

  • Obligee

  • Surety

  • All of the above

Erklärung

Frage 6 von 42

1

_______ is one who with the principal is liable for the conditions of the contract
to the obligee.

Wähle eine der folgenden:

  • Principal

  • Obligee

  • Surety

  • All of the above

Erklärung

Frage 7 von 42

1

________ is the party in the surety bond whom the future action is guaranteed.
dealing with risk as it occurs; often consumers will pay a higher deductible.

Wähle eine der folgenden:

  • Principal

  • Obligee

  • Surety

  • All of the above

Erklärung

Frage 8 von 42

1

Both the principal and surety may be considered an obligor in the scope of a
surety bond, or one whom is responsible to the obligee.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 9 von 42

1

________ is a type of surety bond that guarantees contracts are fulfilled.

Wähle eine der folgenden:

  • Judicial bond

  • Fiduciary Bond

  • Permit bond

  • Contract Bond

Erklärung

Frage 10 von 42

1

_________ is a debt secured by a bidder for a construction job or similar type of
bid-based selection process for the purpose of providing a guarantee to the project
owner that the bidder will take on the job if selected.

Wähle eine der folgenden:

  • Maintenance bond

  • Bid bond

  • Performance bond

  • Payment bond

Erklärung

Frage 11 von 42

1

________ is issued to one party of a contract as a guarantee against the failure of
the other party to meet obligations specified in the contract. Guarantees action!

Wähle eine der folgenden:

  • Maintenance bond

  • Bid Bond

  • Performance Bond

  • Payment Bond

Erklärung

Frage 12 von 42

1

________ is a surety bond posted by a contractor to guarantee that its
subcontractors and material suppliers on the project will be paid.

Wähle eine der folgenden:

  • Maintenance Bond

  • Bid Bond

  • Performance Bond

  • Payment Bond

Erklärung

Frage 13 von 42

1

_______ ensures a contractor will either correct any defects that arise or that the
owner is compensated for those defects..

Wähle eine der folgenden:

  • Maintenance Bond

  • Bid Bond

  • Performance Bond

  • Payment Bond

Erklärung

Frage 14 von 42

1

The purpose of a license or permit bond is to guarantee a municipality or public
body that the individual seeking the license or permit will uphold all laws
pertaining to the issuance of the license or permit.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 15 von 42

1

A financial bond in regards to a license or permit bond does not guarantee the
obligee that all monetary obligations faced will be paid to the obligee.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 16 von 42

1

An indemnity bond in regards to a license or permit bond does not protect the
obligee from any loss caused by a breach of the obligors’ responsibilities.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 17 von 42

1

A public official bond guarantees the honesty and faithful performance of a public
official's duties as prescribed by law or regulation, including the honest account of
all monies entrusted to the official according to the law.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 18 von 42

1

_______ is a type of surety bond that is required by law and statute; state code
and law mandate this type of public official bond.

Wähle eine der folgenden:

  • Voluntary Bond

  • Statutory Bond

  • Common Law Bond

Erklärung

Frage 19 von 42

1

_______ is a surety bond that covers the obligations that may not be explicitly
stated in a statutory bond, or covers a greater amount than the minimum required
by the statutory bond.

Wähle eine der folgenden:

  • Voluntary Bond

  • Statutory Bond

  • Common Law bond

Erklärung

Frage 20 von 42

1

______ is entered into by the own freewill of the public official seeking the bond.

Wähle eine der folgenden:

  • Voluntary

  • Statutory

  • Common Law

Erklärung

Frage 21 von 42

1

_______ is granted to a public official on a one-person basis.

Wähle eine der folgenden:

  • Position Schedule Bond

  • Individual Bond

  • Name Schedule Bond

Erklärung

Frage 22 von 42

1

______ is a type of bond that allows for coverage of all employees named in the
bond. Any individual whose name is not contained within the bond will not be covered.

Wähle eine der folgenden:

  • Position schedule bond

  • Individual bond

  • Named schedule bond

Erklärung

Frage 23 von 42

1

_______ covers loss as prescribed in the bond based on the position held to a set
coverage of liability.

Wähle eine der folgenden:

  • Position schedule bond

  • Individual bond

  • Named schedule bond

Erklärung

Frage 24 von 42

1

A brief explanation of a judicial bond may be interpreted as any surety bond posted to
the courts in order to guarantee the courts a future action.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 25 von 42

1

________ is required before the court can seize a person’s property to secure a
judgment.

Wähle eine der folgenden:

  • Counter replevin bond

  • Garnishment bond

  • Attachment bond

  • Replevin bond

Erklärung

Frage 26 von 42

1

______ occurs when money or property belonging to a plaintiff has been attached to
while in the hands of a third party,.

Wähle eine der folgenden:

  • Counter replevin bond

  • Garnishment bond

  • Attachment bond

  • Replevin bond

Erklärung

Frage 27 von 42

1

______ is a bond required by the court for any party who is suing another party to
secure possession of property that they believe they have a legal right to.

Wähle eine der folgenden:

  • Counter replevin bond

  • Garnishment bond

  • Attachment bond

  • Replevin bond

Erklärung

Frage 28 von 42

1

______ may be purchased to regain possession of the property that was originally
obtained by the replevin bond.

Wähle eine der folgenden:

  • Counter replevin bond

  • Garnishment bond

  • Attachment bond

  • Replevin bond

Erklärung

Frage 29 von 42

1

______ is a three party contract between a defendant, surety, and the courts that will
guarantee the court the future appearance of a defendant at all required court proceedings
until a disposition is rendered.

Wähle eine der folgenden:

  • Stay of execution bond

  • Release attachment bond

  • Bail bond

  • Appeal bond

Erklärung

Frage 30 von 42

1

_____ guarantees payment of an amount due under an execution.

Wähle eine der folgenden:

  • Stay of execution bond

  • Release attachment bond

  • Bail bond

  • Appeal bond

Erklärung

Frage 31 von 42

1

________ is a bond posted to suspend the courts decision until a higher court affirms
or denies the original courts decision.

Wähle eine der folgenden:

  • Stay of execution bond

  • Release attachment bond

  • Bail bond

  • Appeal bond

Erklärung

Frage 32 von 42

1

______ guarantees for the payment of any judgment that may be rendered against
him/her in the action, after the plaintiff has secured an attachment bond.

Wähle eine der folgenden:

  • Stay of execution bond

  • Release attachment bond

  • Bail bond

  • Appeal bond

Erklärung

Frage 33 von 42

1

______ is required by the courts to guarantee payment of court costs such as clerk,
sheriff, and administrative fees associated with the handling of a particular court case.

Wähle eine der folgenden:

  • Discharge mechanics lien

  • Injunction bond

  • Cost bond

  • Dissolve injunction bond

Erklärung

Frage 34 von 42

1

_________ results from a court order, whereby a party is required to do, or to refrain
from doing, certain acts.

Wähle eine der folgenden:

  • Discharge mechanics lien

  • Injunction bond

  • Cost bond

  • Dissolve injunction bond

Erklärung

Frage 35 von 42

1

________ may allow the defendant to proceed as if an injunction had never been
issued.

Wähle eine der folgenden:

  • Discharge mechanics lien

  • Injunction bond

  • Cost bond

  • Dissolve injunction bond

Erklärung

Frage 36 von 42

1

________ allows the owner of property to sell the property, and guarantees to the
claimant of the lien any payment that is still due to them with interest and cost.

Wähle eine der folgenden:

  • Discharge mechanics lien

  • Injunction bond

  • Cost bond

  • Dissolve injunction bond

Erklärung

Frage 37 von 42

1

A fiduciary bond is a legal instrument that essentially serves as insurance to protect
beneficiaries, heirs and creditors when a fiduciary fails to perform honestly or
competently.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 38 von 42

1

A court may require a fiduciary bond for any person or party that has fiduciary duty
or responsibility to another.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 39 von 42

1

An equity bond is a method of linking your investment to the stock market without
the risk of losing any money if stock markets go down.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 40 von 42

1

________ is a bond that guarantees protection of the public health, safety and
welfare, during and after mining operations, and guarantees the restoration of land to its
previous state of being.

Wähle eine der folgenden:

  • Customs bond

  • Self-insured bond

  • Reclamation bond

Erklärung

Frage 41 von 42

1

_________ ensures that money is available to pay its obligations under the workers
compensation law and any rules and regulations issued thereafter.

Wähle eine der folgenden:

  • Self-insured bond

  • Reclamation bond

  • Customs bond

Erklärung

Frage 42 von 42

1

_________ is a guarantee from a surety company to the United States government
that the principal (importer) will abide by all laws and regulations governing the
importation of merchandise into the United States.

Wähle eine der folgenden:

  • Customs bond

  • Self-insured bond

  • Reclamation bond

Erklärung