Fidelity Bonds and Commercial Crime Insurance Quiz

Fidelity Bonds and Commercial Crime Insurance Quiz

Professional Development

19 Qs

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Fidelity Bonds and Commercial Crime Insurance Quiz

Fidelity Bonds and Commercial Crime Insurance Quiz

Assessment

Quiz

Business

Professional Development

Hard

Created by

Wayground Content

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT typically covered by a Commercial Crime Policy?

Natural Disaster

Forgery or Alteration

Computer Fraud

Employee Theft

Answer explanation

A Commercial Crime Policy typically covers risks like forgery, computer fraud, and employee theft. However, it does not cover natural disasters, which are addressed by other types of insurance.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of Fidelity Bond?

Individual Bond

Position Schedule Bond

Surety Bond

Blanket Bond

Answer explanation

A Surety Bond is not a type of Fidelity Bond. Fidelity Bonds protect against employee dishonesty, while Surety Bonds guarantee obligations to third parties. The other options are all types of Fidelity Bonds.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of bond is required by federal law for pension plan fiduciaries?

Name Schedule Bond

ERISA Bond

Public Official Bond

Business Service Bond

Answer explanation

The ERISA Bond is required by federal law for pension plan fiduciaries to protect against losses due to fraud or dishonesty. This bond ensures that fiduciaries act in the best interest of plan participants.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between suretyship and insurance?

Suretyship covers natural disasters, insurance does not

Insurance is more expensive than suretyship

Suretyship involves three parties, while insurance involves two

Insurance is only for individuals, not businesses

Answer explanation

The main difference is that suretyship involves three parties: the obligee, the principal, and the surety, while insurance typically involves two parties: the insurer and the insured.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between a Commercial Blanket Bond and a Blanket Position Bond?

Commercial Blanket Bond covers specific employees, Blanket Position Bond does not

Blanket Position Bond provides a limit per employee, Commercial Blanket Bond does not

Commercial Blanket Bond is for public officials, Blanket Position Bond is not

Blanket Position Bond covers natural disasters, Commercial Blanket Bond does not

Answer explanation

The correct choice highlights that a Blanket Position Bond sets a limit per employee, while a Commercial Blanket Bond does not impose such limits, making them distinct in coverage and liability.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of Fidelity Bond provides a limit per employee involved in a loss?

Blanket Position Bond

Individual Bond

Name Schedule Bond

Commercial Blanket Bond

Answer explanation

A Blanket Position Bond provides coverage for all employees involved in a loss, with a limit applied per employee. This distinguishes it from other bonds that may not have this specific per-employee limit.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key feature of an ERISA Bond?

It covers natural disasters

It is required for public officials

It guarantees pension plan fiduciaries won't steal funds

It provides health benefits to employees

Answer explanation

An ERISA Bond is specifically designed to protect pension plans by ensuring that fiduciaries do not misappropriate funds. This makes the correct choice "It guarantees pension plan fiduciaries won't steal funds."

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