Question

How much bond is with a company licensed in california is one of the four types of financial responsibility?

Answer 1

Answer:

Four types of financial accountability exist: a liability insurance policy for vehicles. a $35,000 down payment with the DMV a $35,000 surety bond acquired from a business with a California business license.

Explanation:

In California, how many different types of financial responsibility exist?

• Four types of financial responsibility

• The California Compulsory Financial Responsibility Law requires all drivers and vehicle owners to carry financial responsibility (liability coverage) at all times. There are four types of financial accountability: A policy of liability insurance for motor vehicles.

• There are four types of financial accountability:

1. A policy of liability insurance for motor vehicles.
2. A $35,000 deposit with the DMV.
3. A surety bond for $35,000 was obtained from a California-licensed company.
4. A self-insurance certificate issued by the DMV

• In California, surety bonds typically cost 0.5% to 3.0% of the bond amount or required coverage.

To learn more about California business license refer:

How much bond is with a company licensed in california is ...

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