Introduction to Contract Surety

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Free Download Introduction to Contract Surety
Published 8/2024
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz, 2 Ch
Language: English | Duration: 50m | Size: 455 MB
Master the essentials of contract surety underwriting, financial statements, surety history, and more.

What you'll learn
Understand surety basics: what surety is, the history of surety, the parties involved and more
Understand the basics of financial statements and their role in commercial surety
Understand the different types of surety available, with a focus on types of contract surety
Understand surety is important to understand for those in the insurance industry
Requirements
Some basic experience of insurance is helpful
Description
This comprehensive course offers a deep dive into the world of contract surety, designed to equip insurance agents, risk management professionals, and anyone involved in the intricacies of surety bonds with the foundational knowledge and skills necessary to navigate this specialized field effectively. Over the duration of the course, participants will explore the critical aspects of surety bonds, including their purposes, the parties involved, and the specific roles these bonds play in various industries.Participants will begin by understanding the fundamental differences between surety bonds and traditional insurance, shedding light on surety's unique nature as a credit relationship rather than a risk transfer mechanism. The course will cover key legislation that impacts the surety industry, such as the Miller Act, which mandates surety bonds for federal construction projects, ensuring a robust legal comprehension that is crucial for practice in the field.The course structure includes detailed examinations of the various types of surety bonds-ranging from bid bonds to performance and payment bonds. Each type is discussed in context, with scenarios that illustrate their applications and the consequences of bond claims. Moreover, learners will engage with the process of underwriting, learning what makes a viable surety bond candidate and the financial assessments crucial to the process.Interactive elements such as case studies, real-world scenarios, and quizzes are integrated throughout the course to reinforce learning and application of knowledge. Upon completion, participants will not only gain a certificate but will possess the practical skills and understanding necessary to effectively manage and advise on surety bonds in their professional roles. This course is an essential stepping stone for anyone looking to specialize in this area of risk management and insurance.
Who this course is for
Insurance agents, construction contractors, or those interested in insurance or surety
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