Establishing a professional surety team at an agency can be problematic if there is a lack of knowledge surrounding exposures to professional liability as well as ethical dilemmas that can become an economic risk not only to the agency but to the clients and the surety markets. After a brief synopsis of surety basics, including the information in Contract Bonds I and II, this course delves into multiple ethical situations surrounding not only use of Broker of Record Letters, but also the selection of surety markets and even determining if a client is suitable for the agency.
The surety's own internal limitations, the client financial results, the use of a line (or letter) of authority, proper handling of powers of attorney, issuance and close out of bonds - and even the actions of the notary used to notarize the signatures on bonds as well as any other legal documents - are covered. Each of these areas have the potential to present an ethical dilemma to an agent and choosing the wrong path can result in financial harm to all parties involved. The course closes with a section on surety claims - how they may be presented and what role the agent should take when receiving notification of a claim against a contract bond. Gain confidence in the contract bond arena and earn 4 credit hours towards your CA Ethics CE requirement by taking this course!
PLEASE NOTE: This course provides 4 CE credits in ethics but DOES NOT include the California Department of Insurance’s required one-hour Agents and Brokers Anti-Fraud Training. As such, the one hour of study of insurance fraud requirement will not be met upon completing this course.
| DOI #: | 393085 |
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| Format: | |
| Hours: | 4 |
| Credits: | 4 |
| Price: | $90.00 |
Refund Policy: If you are not fully satisfied with the course material and you have not started the final exam, we will refund your full purchase price if you notify us within 30 days. After 30 days, or if you have started the final exam, there will be no refunds given.