Page | 1
M100 EXAM QUESTIONS WITH
ANSWERS.
Insurance - correct answer -Transfers the financial burden of
paying for certain losses to a third-party
Special form - correct answer -Property insurance coverage that
is the most comprehensive and ensures against everything that is
not excluded. it allows extra coverage on items
Broad form - correct answer -Property insurance coverage that
only ensures specified perils.
Basic form - correct answer -Property insurance that provides the
least property coverage.
Commercial package policy insurance (CPP) - correct answer -
Includes property and liability
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Property insurance coverages and endorsements - correct
answer -Commercial policy package
Mechanical, equipment breakdown insurance
Ordinance, law insurance
Flood insurance
Electronic data processing insurance
Real property insurance - correct answer -Buildings land and
information
Personal property insurance - correct answer -Inventory, furniture,
fine arts, equipment, supplies, machinery and valuable papers
and records that belong to the community association
Liability insurance - correct answer -Helps with situations in which
a civil legal claim is brought against the association because of a
legal wrong it is alleged to have directly committed or for which is
supposedly responsible
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Liability insurance coverages and endorsements - correct answer
-General liability, auto liability, directors and officers liability, and
umbrella
Income insurance coverages and endorsements - correct answer
-Fidelity insurance, business income insurance, assessments
receivable and Fidelity, extra expense insurance
Fidelity insurance - correct answer -Protects against employee
dishonesty which may lead to the theft of money, securities, or
property
Business income insurance - correct answer -Covers the loss of
certain types of business income
Assessments receivable insurance - correct answer -Applies to
situations in which a covered loss happens to the property in the
community association is unable to collect assessments from the
owner
M100 EXAM QUESTIONS WITH
ANSWERS.
Insurance - correct answer -Transfers the financial burden of
paying for certain losses to a third-party
Special form - correct answer -Property insurance coverage that
is the most comprehensive and ensures against everything that is
not excluded. it allows extra coverage on items
Broad form - correct answer -Property insurance coverage that
only ensures specified perils.
Basic form - correct answer -Property insurance that provides the
least property coverage.
Commercial package policy insurance (CPP) - correct answer -
Includes property and liability
, Page | 2
Property insurance coverages and endorsements - correct
answer -Commercial policy package
Mechanical, equipment breakdown insurance
Ordinance, law insurance
Flood insurance
Electronic data processing insurance
Real property insurance - correct answer -Buildings land and
information
Personal property insurance - correct answer -Inventory, furniture,
fine arts, equipment, supplies, machinery and valuable papers
and records that belong to the community association
Liability insurance - correct answer -Helps with situations in which
a civil legal claim is brought against the association because of a
legal wrong it is alleged to have directly committed or for which is
supposedly responsible
, Page | 3
Liability insurance coverages and endorsements - correct answer
-General liability, auto liability, directors and officers liability, and
umbrella
Income insurance coverages and endorsements - correct answer
-Fidelity insurance, business income insurance, assessments
receivable and Fidelity, extra expense insurance
Fidelity insurance - correct answer -Protects against employee
dishonesty which may lead to the theft of money, securities, or
property
Business income insurance - correct answer -Covers the loss of
certain types of business income
Assessments receivable insurance - correct answer -Applies to
situations in which a covered loss happens to the property in the
community association is unable to collect assessments from the
owner
