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CMCA Exam Study Guide (100 out of 100) Questions and Verified Solutions
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CMCA Exam Study Guide (100 out of 100)Questions and Verified Solutions
Aggregate
a maximum amount an insurer will reimburse a policyholder for all covered losses during a set time
period, usually one year.
Risk Management
Identifying, assessing, responding to risk by reducing, removing, and insuring threats
Risk Inventory
Contacts, resources, areas to inspect & keep record of
Immediate exposers to risk
Severe weather, deficiencies, negligence
Speed of Response
Authorization, information, money, equipment, personnel, schedule
Types of Exposure
Property, Net Income, Liability, Personnel
,Property Exposures
physical damages to property
Net Income exposures
Unexpected increase in cost/money
Personnel Exposures
death, retirement, resignation
Liability Exposures
3rd party claims against association. (worker injured and suing ex)
Liability Insurance Coverages
Bodily injury, property damage, personnel injury (said/did), advertising injury (written/published)
D&O Insurance
Wrongful acts by association/board, negligence, omission, monetary (devalued), non-
monetary(freedom)
Community Manager role in Risk Responsibility
Identify, review, monitor risk, inform Board, oversee insurance.
,Insurance Agent
sells insurance, works for single carrier
Insurance broker
Sells insurance, works with multiple carriers
Loss Frequency
Number of times loss may occur
Loss Severity
expected $ loss from event.
Risk Control
reduce or eliminate exposure
Risk Financing
Options to cover $ of loss
Exposure avoidance
eliminating chance of loss
, Loss Prevention
reducing likelihood of loss (training, inspections)
Loss Reduction
reducing severity of loss (fire sprinkler)
Contractual Transfer
shift loss from association to other (ex. vendor, insurance)
Risk Retention
association finds way to pay for losses
Risk Transfer
association finds way to transfer responsibility to another party
Funding to pay for losses: Current expensing
shifting cost from one GL to another
Funding to pay for losses: Funded Reserve
pull from reserves to cover cost
Funding to pay for losses: Unfunded expense.
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