Terms

Question 1

Revocation

Answer 1

Recalling a license(s) 12 month minimum

Question 2

Surety Bail Agent

Answer 2

Required to be licensed and appointed by a surety insurer that is authorized to do business transactions

Question 3

Surety Insurer

Answer 3

One who has a certificate of authority from the dept to issue surety contracts or bonds that guarantee the performance of transactions done by licensed agents

Question 4

Termination

Answer 4

Cancellation of the business transaction between surety insurers / surety bail agents

Question 5

Solicit

Answer 5

Attempting to sell/ urging a person to apply for a surety or bail bond

Question 6

Sell

Answer 6

The exchange of a contract for money or for something of equivalent in value (customer can be a person, business , or insurance company)

Question 7

Premium

Answer 7

The consideration for a surety or property bail bond

Question 8

Person

Answer 8

An individual / business entity

Question 9

Negotiate

Answer 9

The act of conferring directly to an actual or prospective purchaser by highlighting the benefits terms and conditions

Question 10

Bail Funder

Answer 10

One who loans the funds to bail agents/ entities which are used to furnish property bail in court proceedings

*loans can be classified as personal/ business/ secured/ unsecured

Question 11

Pecuniary

Answer 11

Money/ something of financial value

Question 12

Collateral

Answer 12

Verified U.S currency or property that is pledged as security/ surety for a bail bond in connection with a judicial proceeding

Question 13

Bail Agent Business Entity

Answer 13

A corporation, LLC, partnership/ legal entity that advertises and acts as a bail agent

Question 14

Bail Agent/ Bail Producer

Answer 14

A surety or a property bail agent

*a surety bail agent may act as a property bail agent provided they comply with all provisions applicable to property bail agents

Question 15

Uniform Application

Answer 15

The current version of the NAIC uniform application for resident producer licensing

Question 16

Uniform Business Entity Application

Answer 16

The current version of the NAIC uniform business entity application for resident business entities

Question 17

Court

Answer 17

Any court of this state that has the power to set bail to enforce the appearance of a defendant in a criminal or civil proceeding

Question 18

Property Bail Agent

Answer 18

Any person who charges and accepts a fee or anything or value and is in the business of furnishing property bail in any court ( are subject to the provisions of this sub chapter)
- someone who furnished property bail in 4 or more cases in any one year
- someone who is acting as a bail funder

Question 19

License

Answer 19

A document issued by the commissioner authorizing a person to act as a bail agent
- the license itself does NOT create any authority in its holder to represent/ commit an insurance carrier

Question 20

Property Bail

Answer 20

Traceable and verified US currency (cashiers checks/ money orders/real or other property)

Question 21

Designated Bail Agent/ Designated Responsible Licensed Producer

Answer 21

The licensed bail agent who is the head or manager of a bail agent business entity that employs one or more licensed agents