Surety
Surety Bond Mastery Quiz
Test your knowledge and understanding of surety bonds with our engaging quiz! Designed to help both beginners and professionals alike, this quiz covers essential concepts and definitions related to surety agreements.
- Learn about different types of surety bonds
- Understand key terms and obligations
- Evaluate your knowledge against expert standards
A surety bond is an agreement of _________
Between two parties
Between three parties
Unilaterally executed by the Surety Co.
None of the above
This is the source of obligation, which is guaranteed by the bond.
Principal Contract
Surety Bond
Indemnity Agreement
None of the above
It guarantees the honesty of an employee.
Performance Bond
Surety Bond
Fidelity Bond
None of the above
He is the beneficiary of the bond.
Principal
Surety
Obligee
None of the above
It stipulates that the principal shall reimburse the surety for any loss or damage it sustains on account of the bond.
Principal Contract
Surety Bond
Indemnity Agreement
None of the above
A Surety Bond is a contract of insurance.
True
False
The employers pay the premium for certain types of fidelity bonds. This statement is ________.
True
False
True, if the obligee consents
False, the obligee pays the premium
It guarantees that the Principal will perform the obligations set forth in the Principal Contract.
Performance Bond
Bidder's Bond
Advance Bond
None of the above
A principal contract is not needed to have a surety bond. This statement is __________.
True
False
True, if there is no obligee
None of the above
It promises to answer financially to the obligee for the debt, default or conduct of the principal.
Fidelity Bond
Debt Bond
Surety Bond
None of the above
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