CMCA EXAM 2023 REAL EXAM 170
QUESTIONS AND CORRECT
Aggregate - (ANSWER)a maximum amount
an insurer will reimburse a policyholder for
all covered losses during a set time period,
usually one year.
Risk Management - (ANSWER)Identifying,
assessing, responding to risk by reducing,
removing, and insuring threats
Risk Inventory - (ANSWER)Contacts,
resources, areas to inspect & keep record of
Immediate exposers to risk -
(ANSWER)Severe weather, deficiencies,
negligence
,Speed of Response -
(ANSWER)Authorization, information,
money, equipment, personnel, schedule
Types of Exposure - (ANSWER)Property, Net
Income, Liability, Personnel
Property Exposures - (ANSWER)physical
damages to property
Net Income exposures -
(ANSWER)Unexpected increase in
cost/money
Personnel Exposures - (ANSWER)death,
retirement, resignation
,Liability Exposures - (ANSWER)3rd party
claims against association. (worker injured
and suing ex)
Liability Insurance Coverages -
(ANSWER)Bodily injury, property damage,
personnel injury (said/did), advertising
injury (written/published)
D&O Insurance - (ANSWER)Wrongful acts
by association/board, negligence, omission,
monetary (devalued), non-
monetary(freedom)
Community Manager role in Risk
Responsibility - (ANSWER)Identify, review,
monitor risk, inform Board, oversee
insurance.
, Insurance Agent - (ANSWER)sells insurance,
works for single carrier
Insurance broker - (ANSWER)Sells
insurance, works with multiple carriers
Loss Frequency - (ANSWER)Number of
times loss may occur
Loss Severity - (ANSWER)expected $ loss
from event.
Risk Control - (ANSWER)reduce or
eliminate exposure
Risk Financing - (ANSWER)Options to cover
$ of loss
QUESTIONS AND CORRECT
Aggregate - (ANSWER)a maximum amount
an insurer will reimburse a policyholder for
all covered losses during a set time period,
usually one year.
Risk Management - (ANSWER)Identifying,
assessing, responding to risk by reducing,
removing, and insuring threats
Risk Inventory - (ANSWER)Contacts,
resources, areas to inspect & keep record of
Immediate exposers to risk -
(ANSWER)Severe weather, deficiencies,
negligence
,Speed of Response -
(ANSWER)Authorization, information,
money, equipment, personnel, schedule
Types of Exposure - (ANSWER)Property, Net
Income, Liability, Personnel
Property Exposures - (ANSWER)physical
damages to property
Net Income exposures -
(ANSWER)Unexpected increase in
cost/money
Personnel Exposures - (ANSWER)death,
retirement, resignation
,Liability Exposures - (ANSWER)3rd party
claims against association. (worker injured
and suing ex)
Liability Insurance Coverages -
(ANSWER)Bodily injury, property damage,
personnel injury (said/did), advertising
injury (written/published)
D&O Insurance - (ANSWER)Wrongful acts
by association/board, negligence, omission,
monetary (devalued), non-
monetary(freedom)
Community Manager role in Risk
Responsibility - (ANSWER)Identify, review,
monitor risk, inform Board, oversee
insurance.
, Insurance Agent - (ANSWER)sells insurance,
works for single carrier
Insurance broker - (ANSWER)Sells
insurance, works with multiple carriers
Loss Frequency - (ANSWER)Number of
times loss may occur
Loss Severity - (ANSWER)expected $ loss
from event.
Risk Control - (ANSWER)reduce or
eliminate exposure
Risk Financing - (ANSWER)Options to cover
$ of loss
