Exam (elaborations)
CAM FLORIDA 2024 QUESTIONS AND ANSWERS GRADED A+
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Exam of 3 pages for the course Fl Cam at Fl Cam (CAM FLORIDA 2024)
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CAM FLORIDA 2024What 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? - answerthe association's fire and casualty insurance
The price of several insurance policies vary mainly due to the - answerdeductibles
chosen.
During the process of acquiring insurance to protect an association's assets, what
should be the first step? - answeridentifying areas of potential loss exposure
Each person that is required to be covered by a fidelity bond in a cooperative
association must be bonded for at least - answerthe maximum total amount of money in
the association account.
A condominium unit owner discovered water covering the floor of the entire unit. The
source of the flood is a leak from the unit's refrigerator. The damages should be covered
by - answerthe unit owner's insurance.
Who holds the responsibility to protect the condominium association's assets through
insurance? - answerboard of directors
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