Afsb 152 Practice Exam Part A With 100% Complete Solutions

Types of construction contracts are distinguished by examining the wording in the {Ans: Payment clause.}Four events that must generally occur before the surety has an obligation to act and to respond to a claim under its performance bond are: (1) the principal must be in default, ( 2) the obligee must declare the principal to be in default under the contract, (3) the obligee must have performed its obligations under the contract, and ( 4) {Ans: The obligee must terminate the principal's right to proceed under the contract.}Status reports help assess financial stability by {Ans: Comparing estimates of original gross profits with subsequent estimates.}A surety claim representative has many sources of information available. However, the logical starting point for the claim representative is the {Ans: Surety's underwriters and their tiles.}The term "underwriting submission" could be used to describe {Ans: An annual updating of the file on an established. account.}The party responsible for the adequacy of the design or the efficiency of the building or system is the {Ans: Architect or engineer.}From the analyst's viewpoint, accumulated depreciation or amortization on fixed assets represents {Ans: A calculated reduction of value from the cost or capitalized