Bảo hiểm & Quyền cầm giữCâu 1514 / 1605
Which statement about surety bonds is TRUE?
a.The principal is the party protected by the bond
b.A bond is a two-party contract
c.The surety expects to absorb losses without any repayment, like an insurer
d.The surety generally has a right of indemnity to recover from the principal amounts it pays on valid claims
Giải thích
A surety that pays a valid claim generally has a right of indemnity/subrogation to recover from the principal (and any indemnitors). This three-party structure and reimbursement right distinguish suretyship from insurance, where the insurer absorbs the loss.
Luyện miễn phí toàn bộ 1605 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The main reason an owner requires the general contractor to furnish BOTH a performance bond and a payment bond is to:
- An 'indemnitor' in a hold-harmless agreement is the party who:
- Best practice is to serve the Preliminary Notice at the START of a project even if payment is currently on time, because:
- A notice of completion was recorded on July 1. An unpaid drywall subcontractor wants to record a mechanics lien. The last day to record is approximately:
- The 'your work' exclusion common in CGL policies means the policy generally will NOT pay to:
- A mechanics lien attaches to:
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Người kiểm duyệt Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — kiểm tra)