
Fidelity Bonds and Commercial Crime Insurance Quiz
Quiz
•
Business
•
Professional Development
•
Hard
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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