Terms Flashcards
Bid Bonds
Often used in the bidding of a construction project. The bid bond promises that a contractor will accept it and a performance bond will then be issued.
Completion Bonds
Used if a contractor is required to borrow money to finish a construction job. The bond guarantees that the money will be used to complete the job without any additional obligations.
Labor and Materials Bonds (Payment Bonds)
Guarantees work and materials will be delivered without any liens.
Performance Bonds
Guarantees the principal will complete and fulfill their contract.
Supply Bonds
Guarantees a supplier will furnish all agreed upon supplies, materials and equipment.
Contract Bonds
Guarantee the performance of written contracts, like those used for construction.
License and Permit Bonds
Generally required by the state and local governments. They guarantee that an individual with a permit will comply with the laws, regulations and ordinances set forth with the use of their permit.
Appeal Bonds
Necessary if an individual appeals to a higher court after their judgment, It guarantees that their judgment will be paid along with their appeal cost.
Attachment Bonds
Attach the assets of another party and they guarantee that if an attachment was wrong then any suffered damages will be paid.
Bail Bonds
Issued to secure the release of an individual from jail for a courtroom hearing. They guarantee that an individual will appear in court.
Cost Bonds
Guarantee that a plaintiff that brings legal action against another will be able to pay full court costs and any damages if the plaintiff loses their case.
Injunction Bonds
Necessary by courts when a person seeks an injunction against another party. It guarantees that if the injunction was wrong, damages will then be paid to the injured party.
Public Official Bonds
Obtained by public officials and written to cover the liability of the public officials’ elected terms.
Motor Vehicle Bonds
Provide written validity of the financial responsibility of Motor Vehicle Laws.
Workers Compensation Self-Insurers bonds
Allows employers to self-insure their Workers Compensation benefits.
Dwelling Property Coverages
A - Dwelling B - Other Structures C - Personal Property D - Fair Rental Value E - Additional Living Expenses
Homeowners Coverage Forms
HO-2 - Broad Form HO-3 - Special Form HO-4 - Contents Broad Form HO-5 - Comprehensive Form HO-6 - Condominium Unit Owners HO-8 - Modified Coverage Form
Homeowners Property Coverages
A - Dwelling
B - Other Structures
C - Contents (Personal Property)
D - Loss of Use (Fair Rental Value)
Homeowners Liability Coverages
E - Personal Liability
F - Medical Payments to Others (Good Will Coverage)
Farm Coverage Forms
A - Dwelling B - Other Private Structures C - Household Personal Property D - Loss of Use E - Scheduled Farm Personal Property F - Unscheduled Farm Personal Property G - Other Farm Structures
Personal Auto Policy (PAP)
A - Liability Coverage B - Medical Payments Coverage (PIP) C - Uninsured Motorists Coverage D - Coverage for Damage to Your Auto (Physical Damage) - Collision E - Other than Collision (OTC)
Business Owners Policy (BOP)
Business Owners Section I - Property
Business Owners Section II - Liability
Business Owners Section III - Common Policy Conditions
Commercial General Liability (CGL)
A - Bodily Injury and Property Damage
B - Personal and Advertising Injury
C - Medical Payments
Workers Compensation and Employers Liability Insurance Policy
General Section (Similar to Declarations) Part 1 - Workers Compensation Insurance Part 2 - Employers Liability Insurance Part 3 - Other States Insurance Part 4 - Your Duties if Injury Occurs Part 5 - Premium Part 6 - Conditions
