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©THESTAR EXAM SOLUTIONS 2024/2025 ALL RIGHTS RESERVED. 1 | P a g e CMCA Exam Study Guide. Aggregate - answera maximum amount an insurer will reimburse a policyholder for all covered losses during a set time period, usually one year. Risk Management - answerIdentifying, assessing, responding ...

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  • November 24, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
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©THESTAR EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.



CMCA Exam Study Guide.


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


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, ©THESTAR EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.
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

Exposure avoidance - answer✔eliminating chance of loss

Loss Prevention - answer✔reducing likelihood of loss (training, inspections)

Loss Reduction - answer✔reducing severity of loss (fire sprinkler)

Contractual Transfer - answer✔shift loss from association to other (ex. vendor, insurance)

Risk Retention - answer✔association finds way to pay for losses

Risk Transfer - answer✔association finds way to transfer responsibility to another party

Funding to pay for losses: Current expensing - answer✔shifting cost from one GL to
another

Funding to pay for losses: Funded Reserve - answer✔pull from reserves to cover cost

Funding to pay for losses: Unfunded expense. - answer✔Special assessment to cover cost

Funding to pay for losses: Borrowing - answer✔Taking out a loan/credit to cover expense

Decision Matrix: Risk Retention - answer✔Low frequency, low severity

Decision Matrix: Risk Transfer - answer✔Low frequency, High severity

Decision Matrix: Risk Control - answer✔High frequency, low severity

Decision Matrix: Combination - answer✔High frequency, High severity

Screening Bidders for Insurance - answer✔Policies tailored to your needs, HOA
experience, carrier ratings.

RFP Components for Insurance - answer✔Intro, contacts, instruction/timing for
submission, bid specs, fact sheet HOA, Gov Docs, Loss runs.

RFP - answer✔primarily for large projects, bid specs, inform on association, work
conditions, surveys/outline job, dates, warranty reqs

BBB - answer✔Better Business Bureau


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, ©THESTAR EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.
RFP Contract provisions - answer✔-parties involved
-scope of work
-compensation, time period
-warranty, indemnification, insurance
-permits/license
-default financial protection.

Loss Run - answer✔History of claims on insurance policy

Insurance proposal: Binding - answer✔carrier gives agent authority to commit to insuring
once association accepts.

Insurance proposal: Firm - answer✔numbers wont change unless specifications change

Insurance proposal: Conditional - answer✔all must be declared first

Insurance Premium Calculation: Property - answer✔Value of building x Rate

Insurance Premium Calculation: Commercial Gen Liability - answer✔# of units x rate +
features

Insurance Premium Calculation: Workers Comp - answer✔Payroll x rate (not fixed)

Property Coverage - answer✔fidelity, environmental, flood, vehicle

Liability Coverage - answer✔general, D&O, umbrella, (vehicle non-owned)

Personnel Coverage - answer✔Worker comp, employment liability

Fidelity - answer✔to protect the association and property owners from financial fraud
committed by the individuals who handle money for the association.

Net Income Coverage - answer✔Money

Workers Comp - answer✔protects volunteers, board, association (even if *workers* not
present)

Blanket Coverage - answer✔Includes all oversights of other coverages

Parts of Insurance Policy - answer✔conditions, declarations, exclusions, agreement,
definition, endorsement.



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