All surety bonds are considered a three party contract.
An insurance contract may not be formed as a two party contract between the insurer and the insured.
There are __________ parties to a surety bond.
0
2
1
3
The parties to a surety bond consist of:
Principal
Obligee
Surety
All of the above
________ is the party in a surety bond that the bond is being posted for
_______ is one who with the principal is liable for the conditions of the contract to the obligee.
________ 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.
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.
________ is a type of surety bond that guarantees contracts are fulfilled.
Judicial bond
Fiduciary Bond
Permit bond
Contract Bond
_________ 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.
Maintenance bond
Bid bond
Performance bond
Payment bond
________ 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!
Bid Bond
Performance Bond
Payment Bond
________ is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid.
Maintenance Bond
_______ ensures a contractor will either correct any defects that arise or that the owner is compensated for those defects..
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.
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.
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.
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.
_______ is a type of surety bond that is required by law and statute; state code and law mandate this type of public official bond.
Voluntary Bond
Statutory Bond
Common Law Bond
_______ 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.
Common Law bond
______ is entered into by the own freewill of the public official seeking the bond.
Voluntary
Statutory
Common Law
_______ is granted to a public official on a one-person basis.
Position Schedule Bond
Individual Bond
Name Schedule Bond
______ 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.
Position schedule bond
Individual bond
Named schedule bond
_______ covers loss as prescribed in the bond based on the position held to a set coverage of liability.
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.
________ is required before the court can seize a person’s property to secure a judgment.
Counter replevin bond
Garnishment bond
Attachment bond
Replevin bond
______ occurs when money or property belonging to a plaintiff has been attached to while in the hands of a third party,.
______ 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.
______ may be purchased to regain possession of the property that was originally obtained by the replevin bond.
______ 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.
Stay of execution bond
Release attachment bond
Bail bond
Appeal bond
_____ guarantees payment of an amount due under an execution.
________ is a bond posted to suspend the courts decision until a higher court affirms or denies the original courts decision.
______ 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.
______ 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.
Discharge mechanics lien
Injunction bond
Cost bond
Dissolve injunction bond
_________ results from a court order, whereby a party is required to do, or to refrain from doing, certain acts.
________ may allow the defendant to proceed as if an injunction had never been issued.
________ 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.
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.
A court may require a fiduciary bond for any person or party that has fiduciary duty or responsibility to another.
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.
________ 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.
Customs bond
Self-insured bond
Reclamation bond
_________ ensures that money is available to pay its obligations under the workers compensation law and any rules and regulations issued thereafter.
_________ 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.