Exam (elaborations)
CMCA Module 3 C - Risk Management & Insurance questions and answers.
- Course
- Institution
CMCA Module 3 C - Risk Management & Insurance questions and answers.
[Show more]
Content preview
CMCA Module 3 C - RiskManagement & Insurance
questions and answers
Which of the following types of exposures to loss for a community
association is characterized by the net losses that may involve a reduction
in income or an increase in operating expenses or both?
· property exposure to loss
· liability exposure to loss
· income exposure to loss
· personnel exposure to loss - answer · property exposure to loss
· liability exposure to loss
· income exposure to loss X
· personnel exposure to loss
Which of the following describes the risk control technique of exposures
avoidance?
· a community association rule prohibiting the use of alcohol in the
clubhouse
· conduction weekly fire safety inspections where flammables are stored
· contracting for landscaping services
· back up all computer files and storing the backup files in a separate
place - answer · a community association rule prohibiting the use of
alcohol in the clubhouse X
· conduction weekly fire safety inspections where flammables are stored
· contracting for landscaping services
· back up all computer files and storing the backup files in a separate
place
The insurance industry is unregulated as the state level
,· True
· False - answer · True
· False X
Commercial package policies contain all of the following EXCEPT:
· common declarations
· a selection of forms
· claim form
· glossaries - answer · common declarations
· a selection of forms X
· claim form
· glossaries
The Federal National Mortgage Association (Fannie Mae) has a direct
impact on community association insurance obligations.
· True
· False - answer · True X
· False
Which of the following is NOT a common insurance coverage and
endorsement for property exposures to loss?
· commercial package policy (CPP) insurance
· boiler and machinery insurance
· flood insurance
· hired and non-owned automobile liability insurance - answer ·
commercial package policy (CPP) insurance
· boiler and machinery insurance
· flood insurance
· hired and non-owned automobile liability insurance X
, Employers' liability insurance provides protections for claims made by
employees regarding sexual harassment or discrimination.
· True
· False - answer · True X
· False
Which terminology for the following homeowner policies is for a
condominium or cooperative unit owner?
· HO-6
· HO-4
· HO-1
· HO-2 - answer · HO-6 X
· HO-4
· HO-1
· HO-2
The preservation of life and property are paramount concerns of any
insurance contract
· True
· False - answer · True X
· False
Most property insurance policies cover the "actual cash value" of the
property, which is the ____________________________.
· depreciated value of the item
· replacement cost of the item
· book value of the item
· original cost to purchase the item - answer · depreciated value of the
item X
· replacement cost of the item
· book value of the item
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now