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Questions and Answers
What does Chapter 718 of Florida statute state regarding insurance?
What does Chapter 718 of Florida statute state regarding insurance?
What type of coverage covers a direct loss by a windstorm or hail to covered property?
What type of coverage covers a direct loss by a windstorm or hail to covered property?
What type of insurance provides the protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible?
What type of insurance provides the protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible?
What type of coverage becomes relevant when primary liability insurance limits have been reached?
What type of coverage becomes relevant when primary liability insurance limits have been reached?
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What type of insurance covers the sudden breakdown of heating systems and machinery caused by a power surge?
What type of insurance covers the sudden breakdown of heating systems and machinery caused by a power surge?
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What reimburses the insured for the loss incurred by the insured for a dishonest act of an employee covered by the association?
What reimburses the insured for the loss incurred by the insured for a dishonest act of an employee covered by the association?
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What type of insurance protects the insured against claims for accidents due to employees operating their own vehicles in the corporation's interest?
What type of insurance protects the insured against claims for accidents due to employees operating their own vehicles in the corporation's interest?
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Which is TRUE about insurance?
Which is TRUE about insurance?
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Where would the board of directors find the parameters of the required insurance coverage?
Where would the board of directors find the parameters of the required insurance coverage?
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What type of policy covers only the risks named in a policy?
What type of policy covers only the risks named in a policy?
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Which of these should the board contact if major damage occurs to the property?
Which of these should the board contact if major damage occurs to the property?
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Which issues would be covered by the unit owner's hazard insurance?
Which issues would be covered by the unit owner's hazard insurance?
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Study Notes
Unit 9 Quiz - Insurance
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Chapter 718 of Florida Statutes: Associations must adequately insure property for its full value, not just a percentage.
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Property Insurance: Associations aren't responsible for entirely insuring property.
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Windstorm/Hail Coverage: Protects against direct losses from wind and hail.
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General Liability: Covers damages the insured is legally responsible for (bodily injury or property damage).
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Umbrella/Excess Liability: Coverage that kicks in when primary liability limits are reached.
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Directors and Officers Liability: Protects against losses from dishonest employee actions.
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Equipment Breakdown Insurance: Covers malfunctions in machinery and heating systems due to power surges.
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Workers' Compensation Insurance: Reimburses the insured for employee injuries.
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Fidelity Bond: Reimburses the insured for dishonest acts by employees.
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Non-Owned Automobile Policy: Protects against employee vehicle accidents.
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Community Association Insurance: The association is responsible, but must define insurable aspects in their documents.
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Insurance Coverage Sources: Board Documents, State law, and Municipal ordinances are sources of coverage parameters.
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Named-Peril Policy: Covers only specified risks, unlike "all-risk" policies.
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Policy Contact: For major property damage, contact the association manager, attorney, or accountant.
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Unit Owner's Hazard Insurance: Covers damages like exterior door malfunctions, faulty wiring, load-bearing wall issues, broken stove tops..
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Description
Test your knowledge on various types of insurance as outlined in Unit 9. This quiz covers key concepts such as property insurance, liability coverage, and specialized types like workers' compensation and fidelity bonds. Understand how these insurances apply to associations and their responsibilities.
