When a Surety Pays a Debt That It Is Obligated

question 34

Multiple Choice

When a surety pays a debt that it is obligated to pay, it automatically acquires the claim and the rights of the creditor through:

• A) assignment.
• B) exoneration.
• C) subrogation.
• D) default.

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Definitions:

Community Development

Initiatives designed to improve the living conditions, economy, and social cohesion within a specific area or community.

Supply Cost Savings

Reductions in the total cost associated with acquiring goods and services for a company, often achieved through negotiation, process improvement, or strategic sourcing.

Formal Process

A set of established procedures and protocols designed to achieve specific outcomes.

Finance/Accounting

The branch of business that deals with the management of money, including the processes of recording, classifying, and analyzing financial transactions.