CMCA EXAM 2027 Real Exam Questions and Answers | Guaranteed Verified Answers

CMCA EXAM 2027 Real Exam Questions and Answers |
Guaranteed Verified Answers

Question 1.
Risk Management

Correct Answer: Identifying, assessing, responding to risk by reducing,
removing, and insuring threats


Question 2.
Risk Inventory

Correct Answer: Contacts, resources, areas to inspect & keep record of


Question 3.
Immediate exposers to risk

Correct Answer: Severe weather, deficiencies, negligence


Question 4.
Speed of Response

Correct Answer: Authorization, information, money, equipment, personnel,
schedule


Question 5.
Types of Exposure

Correct Answer: Property, Net Income, Liability, Personnel


Question 6.
Property Exposures

Correct Answer: physical damages to property


Question 7.
Net Income exposures

Correct Answer: Unexpected increase in cost/money


Question 8.
Personnel Exposures

Correct Answer: death, retirement, resignation

,Question 9.
Liability Exposures

Correct Answer: 3rd party claims against association. (worker injured and
suing ex)


Question 10.
Liability Insurance Coverages

Correct Answer: Bodily injury, property damage, personnel injury (said/did),
advertising injury (written/published)


Question 11.
D&O Insurance

Correct Answer: Wrongful acts by association/board, negligence, omission,
monetary (devalued), non-monetary(freedom)


Question 12.
Community Manager role in Risk Responsibility

Correct Answer: Identify, review, monitor risk, inform Board, oversee
insurance.


Question 13.
Insurance Agent

Correct Answer: sells insurance, works for single carrier
• Insurance broker -✓✓Sells insurance, works with multiple carriers


Question 14.
Loss Frequency

Correct Answer: Number of times loss may occur


Question 15.
Loss Severity

Correct Answer: expected $ loss from event.


Question 16.
Risk Control

Correct Answer: reduce or eliminate exposure

,Question 17.
Risk Financing

Correct Answer: Options to cover $ of loss


Question 18.
Exposure avoidance

Correct Answer: eliminating chance of loss


Question 19.
Loss Prevention

Correct Answer: reducing likelihood of loss (training, inspections)


Question 20.
Loss Reduction

Correct Answer: reducing severity of loss (fire sprinkler)


Question 21.
Contractual Transfer

Correct Answer: shift loss from association to other (ex. vendor, insurance)


Question 22.
Risk Retention

Correct Answer: association finds way to pay for losses


Question 23.
Risk Transfer

Correct Answer: association finds way to transfer responsibility to another
party


Question 24.
Funding to pay for losses: Current expensing

Correct Answer: shifting cost from one GL to another


Question 25.
Funding to pay for losses: Funded Reserve

Correct Answer: pull from reserves to cover cost

, Question 26.
Funding to pay for losses: Unfunded expense.

Correct Answer: Special assessment to cover cost


Question 27.
Funding to pay for losses: Borrowing

Correct Answer: Taking out a loan/credit to cover expense


Question 28.
Decision Matrix: Risk Retention

Correct Answer: Low frequency, low severity


Question 29.
Decision Matrix: Risk Transfer

Correct Answer: Low frequency, High severity
• Decision Matrix: Risk Control -✓✓High frequency, low severity


Question 30.
Decision Matrix: Combination

Correct Answer: High frequency, High severity


Question 31.
Screening Bidders for Insurance

Correct Answer: Policies tailored to your needs, HOA experience, carrier
ratings.


Question 32.
RFP Components for Insurance

Correct Answer: Intro, contacts, instruction/timing for submission, bid specs,
fact sheet HOA, Gov Docs, Loss runs.


Question 33.
RFP

Correct Answer: primarily for large projects, bid specs, inform on association,
work conditions, surveys/outline job, dates, warranty reqs