Bảo hiểm & Quyền cầm giữCâu 1573 / 1605
The most accurate reason insurance and surety bonds are BOTH used on construction projects is that they:
a.Both allow the provider to absorb losses without reimbursement
b.Are both forms of two-party risk transfer
c.Do exactly the same thing
d.Address different risks — insurance transfers the insured's own fortuitous losses, while bonds guarantee performance/payment to a third party
Giải thích
Insurance transfers the risk of fortuitous loss from the insured to the insurer (two parties, no reimbursement). A bond is a three-party guarantee to a third party (obligee) backed by the principal's duty to reimburse the surety. Projects use both to cover distinct risks.
Luyện miễn phí toàn bộ 1605 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which of the following is generally the LAST resort remedy because it requires foreclosing on real property?
- On a project where a notice of completion is recorded, missing the 30-day lien deadline (for a non-direct claimant) generally means:
- A general contractor's CGL policy typically will NOT respond to which claim?
- A claim on a private-project payment bond generally requires the claimant to have:
- A lien claimant who has been paid in full but refuses to release a recorded mechanics lien may be liable to the owner for:
- The '$25,000' figure most commonly associated with California contractor licensing refers to the:
Cập nhật gần nhất: · quy trình kiểm tra
Sen Lin, Người sáng lập PrepPass · Đối chiếu với California CSLB Contractor License Law & Business Exam · Quy trình kiểm tra
Người kiểm duyệt Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — kiểm tra)