Miscellaneous insurance policies

Which of the following bonds guarantee performance?

Surety bond

Under the Employee Retirement Income Security Act (ERISA)

A bond for a minimum of 10% of the amount being managed must purchase by whoever handles funds under an employee pension plan

License and permit bonds:

Are required by many municipalities before a contractor can work in an area

Who of the following would be an example of a dram?

Buddy's drive bar & grill (business that sell alcohol)

The federal statue that protects retirement money that employees contribute throughout their working career by enforcing rules and procedures for employers to adhere to specific guidelines is known as

Employment retirement income

Which of the following statements best describes the difference between bonding and insurance?

Insurance only has two party bonds have three and once a loss occurs in insurance there is no expectations of repayment in most cases whenever and bonding again to your house right to recover lost payments from the obligator

Which of the following losses would be insured under Aviation liability insurance?

None of the answers listed

which of the following statement concerning insurance agents E&O insurance is not true?

Only clients can file claims against an agent E&O insurance.

The face amount of a surety bond is called the:

Penalty

The type of bonds that contractor would usually purchase are:

Performance bond, bid bonds, payment bonds

Which of the following is a judicial bond?

Replevin bonds

What is the coverage territories for aircraft liability insurance?

United States, Canada and Mexico