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FL Cam final exam with 100% correct answers
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FL Cam final exam with 100% correct answers
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FL Cam final exam with 100%correct answers
An association must obtain, depending on statutes and its documents, insurance coverage that protects -
correct answer (c) Financial loss to personal property
An authorized insurer may transfer a condominium property policy to another admitted carrier -
correct answer (a) The authorized insurer receiving the policy must be admitted in Florida and is not
converting the policy to a surplus lines policy.
An authorized insurer may transfer a condominium property policy to another admitted carrier -
correct answer (b) The authorized insurer has been determined by OIR to have the same or better
financial strength than the transferring insurer.
An authorized insurer may transfer a condominium property policy to another admitted carrier -
correct answer (c) The transfer results in substantially similar coverage.
All of the following are true - correct answer O (a) The association may be subject to a co-insurance
penalty if it is underinsured. (b) Coinsurance and deductibles are both forms of cost sharing between the
insured and the insurer. (d) At the time of a covered event, an association cannot choose to have the
insurer cover 100% of the cost of a loss resulting from a covered event, less any deductible.
,According to the some sources, insurance is: - correct answer (c) A party (the insurer) indemnifies the
other party (the insured) against a specified amount of loss
An authorized insurer may transfer a condominium property policy to another admitted carrier if -
correct answer (a) The authorized insurer receiving the policy must be admitted in Florida and is not
converting the policy to a surplus lines policy.
An authorized insurer may transfer a condominium property policy to another admitted carrier if - correct
answer (b) The authorized insurer has been determined by OIR to have the same or better financial
strength than the transferring insurer.
An authorized insurer may transfer a condominium property policy to another admitted carrier if - correct
answer (c) The transfer results in substantially similar coverage.
An association's exposure to property loss may include - correct answer (a) Damage to the clubhouse roof
when a tree falls through it
An association's exposure to property loss may include - correct answer (b) The secretary spills coffee
on the computer hard drive, and the computer fizzles out
, An association's exposure to property loss may include - correct answer (c) Someone breaks into the
maintenance storeroom and steals the association's tools
All of the following are types of loss exposure insurance - correct answer (a) Property (b) Liability
(c) Income
Which of the following records must a condominium retain for more than seven years? - correct
answer (b) Annual financial reports
The board of directors of Quietus Shores HOA schedules a board meeting to be held on Tuesday, May
16th. There is no place on property to post a notice. It must: - correct answer (d) Send a notice and
agenda to all members no later than May 9th.
Jane Jones has submitted a letter to the association stating that she is a candidate for director of the
Adekola Condominium. She is three months delinquent in her assessments. - correct answer (b) Jane is
prohibited from being placed on the ballot due to her status as a delinquent member.
The Hirtle Hills HOA has filed a lien against Tamon Ruiz. Sixty days have passed, and it wants its
attorney to file for foreclosure. - correct answer (c) The association must provide Tamon with 45 days'
notice prior to foreclosure
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