Arkansas Insurance Adjuster Practice Exam

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Jack has been appointed to manage Margaret's financial estate, but Margaret requires Jack to be bonded. What kind of bond might Jack seek?

  1. A fiduciary bond

  2. A performance bond

  3. A payment bond

  4. A bid bond

The correct answer is: A fiduciary bond

Jack would seek a fiduciary bond because this type of bond applies when someone is appointed to manage another's financial estate. A performance bond is typically used in construction projects to ensure timely and satisfactory completion, while a payment bond guarantees that subcontractors and suppliers will be paid. A bid bond is intended to protect the project owner by providing financial compensation if a contractor backs out after submitting a winning bid. None of these options align with Margaret's requirement for Jack to be bonded to manage her financial estate.

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