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CAM FLORIDA EXAM BEST STUDYING MATERIAL WITH VERIFIED ANSWERS LATEST VERSION UPDATE
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CAM FLORIDA EXAM BEST STUDYING MATERIAL WITH VERIFIED ANSWERS LATEST VERSION UPDATE
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CAM FLORIDA EXAMBEST STUDYINGMATERIAL WITH VERIFIED ANSWERS
LATEST VERSION UPDATE 2024-2025
A directors and officers liability insurance policy ideally, but not necessarily, includes the -
ANSWER community association manager.
A directors and officers liability insurance policy covers
- ANSWER former and current officers and directors
CPIC helps associations which cannot
- ANSWER get insurance on the private market.
A _____ insures the owner and laborers of a construction project. –
ANSWER performance bond
_ insurance offers permanent coverage for incidents during the policy period.
- ANSWER occurrence
A _____ insures against losses incurred by dishonest or fraudulent acts of of
- ANSWER fidelity bond
Who is responsible for insuring appliances inside a unit?
- ANSWER The unit owner
The replacement cost of insured property must be determined every _____ months.
,- ANSWER 36
The responsibility to protect the condominium association's assets through insurance lies with
the
- ANSWER board of directors.
Which type of insurance protects board members from claims of breach of duty? –
ANSWER directors' and officers' liability insurance
Insurance provides a guarantee of compensation in exchange for
- ANSWER A PREMIUM
In an HOA, what amount must the fidelity bond cover?
- ANSWER the maximum funds that will be in the custody of the association or its management
at any one time
In addition to the directors and officers, who else should ideally be included in a "directors and
officers" liability insurance policy?
- ANSWER the community association manager
A "Directors and officers" liability insurance policy should cover
- ANSWER former and current officers and directors
If an association cannot find windstorm insurance on the private market, they should
- ANSWER check their eligibility for a Citizens Property Insurance Corporation (CPIC) policy.
Which kind of liability insurance offers permanent coverage for incidents that occurred during
the policy period?
, - ANSWER occurrence
What is the correct terminology for the dollar amount an association or unit owner must pay
before the insurance policy will cover for damages?
- ANSWER deductible
What instance would NOT be considered when selecting an association's comprehensive
insurance program?
- ANSWER which unit owners carry individual property insurance
A cooperative association holds a monthly account balance of $25,000. What is the minimum
bond requirement the treasurer of this co-op will need to meet in both reserve and operating
accounts?
- ANSWER the maximum total amount of money in the association accounts
This insurance protects members of a cooperative association board regarding their
responsibilities to govern the association
. - ANSWER Directors' and Officers' liability
Annually, the Allington Cooperative Association reviews its fidelity bonding requirements of all
board members and employees except for
- ANSWER the on-site maintenance supervisor, who only coordinates and directs repairs of the
complex
In a cooperative property, which policy would cover damages from a large tree that fell due to a
lightning strike?
- ANSWER the association's fire and casualty insurance
The price of several insurance policies vary mainly due to the
- ANSWER deductibles chosen.
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