CAM Quiz Unit 9 PDF

# UNIT 9 QUIZ 1. What does Chapter 718 of Florida statute state regarding insurance? - Associations must adequately insure property for its value. - Associations are not responsible for insuring property. - Associations must insure property, but only up to 10% of its value. - None o...

# UNIT 9 QUIZ 1. What does Chapter 718 of Florida statute state regarding insurance? - Associations must adequately insure property for its value. - Associations are not responsible for insuring property. - Associations must insure property, but only up to 10% of its value. - None of these. 2. What type of coverage covers a direct loss by a windstorm or hail to covered property? - General liability - Windstorm/hail coverage - Directors and officers liability - Flood insurance 3. What type of insurance provides the protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible: - General liability - Windstorm/hail coverage - Directors and officers liability - Flood insurance 4. What type of coverage becomes relevant when primary liability insurance limits have been reached? - General liability - Umbrella and law coverage - Directors and officers liability - Flood insurance 5. What type of insurance covers the sudden breakdown of heating systems and machinery caused by a power surge? - Equipment breakdown / boiler and machinery - Directors and officers liability - Flood insurance - General liability 6. What reimburses the insured for the loss incurred by the insured for a dishonest act of an employee covered by the association? - Directors and officers liability - Workers' compensation - General liability - Fidelity bond 7. What type of insurance protects the insured against claims for accidents due to employees operating their own vehicles in the corporation's interest? - Non-owned automobile policy - General liability - Umbrella policy - Workers' compensation 8. Which is TRUE about insurance? - The community association's board is responsible for protecting the assets of the association. - The association must define the insurable interests of the association. - Insurance coverage and provisions should be stated in the association's documents. - All of these. 9. Where would the board of directors find the parameters of the required insurance coverage? - Governing documents - State law - Municipal law - Insurance law 10. What type of policy covers only the risks named in a policy? - Named-peril - All-risk - General Liability - None of these 11. Which of these should the board contact if major damage occurs to the property? - Community association manager - Attorney - Accountant - All of these 12. Which issues would be covered by the unit owner's hazard insurance? - A broken exterior door - Faulty electrical wiring - Issues with load-bearing walls - A broken stovetop