Question regarding surety...

[ar_powers]

I am testing to obtain my surety license in washington state and I am having trouble locating a definite answer to a couple of questions that may or may not appear on the test. I'll start with the first one that comes to mind

'when two individuals guarantee a surety obligation, it is understood to be underwritten by a
a. special surety
b. partnership surety
c. dual surety
d. Personal surety'

I've been searching through the study material for the correct answer and cannot seem to find the correct response...it probably doesn't help that I am not able to aquire a standardized set of study materials and I am working with 8 or 9 different sources of information.

If anyone could explain the correct answer to me and point me in a solid direction for ANY substantial study material, I'd greatly appreciate it.

-Andy

[Admin]

Andy,

It would have to be b. partnership surety


Do some research on personal (individual) sureties and the answer should be more clear.


Let me know if you have any further questions!

[ar_powers]

thank you for the quick response....that was what i thought it was but after looking at so many different sources....it all just kinda seemed to blur together. I appreciate your help and, although I hate to admit it, there probably will be further questions.

[Admin]

The world of suretyship requires a great understanding of the process in general, as well as the numerous exceptions to the rules...


In other words, it takes years of experience to truly know this industry.

Good luck on your test!

[ar_powers]

Thanks for the help guys, tested saturday and passed, license should be inbound anytime then just have to wait around for the courts. I'm sure i'll be back for more advice...

[Admin]

No problem!

Be sure to stick around. We have several members that are part of the surety community outside of our office. Everything from lawyers to agents to claim adjusters.

There is a lot of knowledge within our membership base.