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Exam Elaboration | Education
AFSB 151 Practice Exams
SKU: AFSB 151 | Pages: 31 | Year: 2024
Document Brief Description
AFSB 151 Practice Exams
Any promise to answer for another person's debts or defaults, including the promise that a surety
makes to the obligee und...
AFSB 151 Practice Exams
Any promise to answer for another person's debts or defaults, including the promise that a surety
makes to the obligee under a bond, derives from which one of these? - ✔✔Statutes of frauds
Following the Civil War, the growing number and complexity of financial/commercial
relationships led to the need for - ✔✔Commercial suretyship.
In accordance with a contract to build a county shed for the Village of Malcom, Raymone
Construction purchases a contract surety bond from SureRite Insurance. Identify the principal,
obligee, and surety in this suretyship. - ✔✔Principal--Raymone Construction; obligee--Village
of Malcom; Surety--SureRite Insurance
The two basic types of bonds that are written today are - ✔✔Contract surety bonds and
commercial surety bonds
Sureties use what written document to authorize a producer to act as the surety's agent in bond
production? - ✔✔A power of attorney
When evaluating a surety claim, claims representatives are often assisted by outside legal
counsel. What other professionals assist claims representatives? - ✔✔Engineers
Suretyship and banking are alike in that - ✔✔Neither expects to suffer a loss
Suretyship and insurance are alike in that - ✔✔Insurance commissioners regulate both.
In the surety bond three-party relationship, the party who is primarily responsible for fulfilling
the obligation and who typically has control of the obligation is the - ✔✔Principal
Because most bonds are "joint and several liability" documents, the obligee can recover losses
from - ✔✔The principal or the surety, or from both.
A financial guarantee differs from performance and fidelity guarantees because it requires
honesty, the ability to perform the contract, and - ✔✔The ability to pay money to meet the
contractual obligation.
Instead of holding a principal's assets as security, a surety might choose to hold an instrument
issued by a commercial bank for the principal, but with the surety named as the beneficiary.
What is this instrument? - ✔✔An irrevocable standby letter of credit
A type of reinsurance transaction that involves an agreement between the primary insurer and the
reinsurer specifying how to transfer risks, that defines the eligible risks in terms of lines and
classes of business, that specifies the parties' obligations, and for which eligible risks are
automatically reinsured, is - ✔✔Treaty reinsurance
Which of these statements regarding the principal allocation methods for reinsurance of surety
bonds is accurate? - ✔✔Both facultative and treaty reinsurance of bonds can be written as pro
rata or excess of loss.
A basic type of bond that involves all situations in which sureties guarantee performance of
obligations that generally do not arise from contracts is - ✔✔Commercial surety bonds.
Which one of the following developed in the United States to guarantee the large amounts of
money involved in the country's industrial and commercial growth? - ✔✔Corporate suretyship
The establishment of the formal contract between the surety, principal, and obligee that is offered
to the principal is called - ✔✔Execution
- 31-pages detailed model answer (PDF + online view)
- Clinical reasoning & medication selection justified
- NP-level explanation with key teaching points
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AFSB 151 Practice Exams
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