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CMCA Insurance Exam Questions with Answers 2024
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CMCA Insurance Exam Questions with Answers 2024
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CMCA Insurance Exam Questionswith Answers 2024
Risk Management - -The process of making and carrying out decisions that
will minimize the adverse effects of accidental losses upon the community
association.
-Contractual transfer - -Involves entering into a contract that will, among
other things, transfer the community association's legal responsibility for any
loss.
-Exposure avoidance - -Avoiding circumstances that would expose the
community to certain types of loss.
-Loss prevention and reduction - -Taking steps to reduce the frequency of
potential loss.
-Real property - -Includes buildings, land and the newest type of property
exposure such as web sites, logos and similar electronic information.
-Cross liability - -The right to sue another party insured under the same
liability policy.
-CPCU - -Chartered Property Casualty Underwriter.
-ARM - -Associate in Risk Management.
-CIC - -The Certified Insurance Counselors Program.
-Co-insurance - -A standard element in most property policies that obligates
the insured to maintain a certain limit of property insurance based on a
stated percentage.
-Subrogation - -In its most common usage refers to circumstances in which
an insurance company tries to recoup expenses for a claim it paid out when
another company should have been responsible for paying at least a portion
of that claim.
-CIRMS - -Community Insurance and Risk Management Specialist.
-Insurance replacement cost - -The cost to replace property that can be
insured and it would exclude the land, foundations, underground piping and
other components not typically insurable.
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