IN Notary Bonds and Liability 2

Question 1

What is the minimum surety bond amount required for an Indiana notary public?

Accepted Answer

$25,000

Answer

$5,000

Answer

$10,000

Answer

$50,000

Question 2

Who is protected by an Indiana notary's surety bond?

Accepted Answer

The general public who may be harmed by the notary's misconduct

Answer

The notary public

Answer

The notary's employer

Answer

The Indiana Secretary of State

Question 3

If a claimant successfully files against an Indiana notary's surety bond, what happens next?

Accepted Answer

The surety company pays the claim and may seek reimbursement from the notary

Answer

The state pays the claim and the notary faces no further action

Answer

The notary must pay the claim directly out of pocket

Answer

The claim is automatically denied if the notary has insurance

Question 4

What is the difference between a notary's surety bond and errors and omissions (E&O) insurance?

Accepted Answer

The bond protects the public; E&O insurance protects the notary

Answer

They are the same thing

Answer

The bond is optional; E&O insurance is required

Answer

E&O insurance replaces the need for a bond

Question 5

When must an Indiana notary obtain their surety bond?

Accepted Answer

Before applying for or receiving their notary commission

Answer

Within 30 days of receiving their commission

Answer

After completing their first notarial act

Answer

Only when requested by the Secretary of State

Question 6

An Indiana notary's bond expires before their commission term ends. What is the consequence?

Accepted Answer

The notary's commission is automatically suspended and they must stop performing notarial acts

Answer

The notary may continue performing acts until the commission expires

Answer

The notary has 90 days to obtain a new bond

Answer

Nothing, as the bond is only needed at initial application