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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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A residential or dual license requires a consumer bond in addition to a license bond, three options are available . Participate in the residential contractor 's recovery fund obtain a 200.000 consumer fund or post a cash bond for $200.000 |
Qualifications for license 32-1122(B)(C)(F) statute.....................................................issuance and display of license suspension 32-1124(B)...............................................the residential contractor recovery fund 32-1132....................................................liability of fund for each residential contract's license...32-1139.....................................a recovery fund has been established for residential owners due to any injuries cause by any contractor up to $30.000 maximum per claim not to exceed $200.000 per residential claim |
Upon a pay out from the funds a contractor license is auto Automatic suspended any existing license including commercial until the amount paid out from the fund is repaid plus interest at the rate of 10 percent per year |
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Subrogation 32-1138 the state has the right of Subrogation to the extent of payments made from the funds including the right to collect from a surety bond |
Change of ownership must notify to registrar immediately...............a citation and complaint service must be completed at the time of personal service or five days after deposit in the mail... Failure of the licensee to answer within 10 days after service his license might be suspended or revoke |
Property insurance typically covers your business and personal property when damage........ All risk builders risk insurance covers property owners |
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Liability insurance is designed to protect against third-party claims.... Keyman life insurance is beneficial if your company depends on specific individual like a partner dies or disability |
All employers who have one or more employees are required by the workers compensation law to carry workers compensation in case of a industrial injury.... Employers liability insurance can be purchased to supplement your workers compensation |
Unemployment insurance programs provide unemployment benefits to eligible workers who become unemployed through not fault of their own this programs is jointly financed through federal and state employer payroll taxes |
