CMCA Exam
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1. Aggregate a maximum amount an insurer will reimburse a policyholder for all covered
losses during a set time period, usually one year.
2. Risk Management Identifying, assessing, responding to risk by reducing, removing, and in-
suring threats
3. Risk Inventory Contacts, resources, areas to inspect & keep record of
4. Immediate exposers Severe weather, deficiencies, negligence
to risk
5. Speed of Response Authorization, information, money, equipment, personnel, schedule
6. Types of Exposure Property, Net Income, Liability, Personnel
7. Property Exposures physical damages to property
8. Net Income expo- Unexpected increase in cost/money
sures
9. Personnel Exposures death, retirement, resignation
10. Liability Exposures 3rd party claims against association. (worker injured and suing ex)
11. Liability Insurance Bodily injury, property damage, personnel injury (said/did), advertising
Coverages injury (written/published)
12. D&O Insurance Wrongful acts by association/board, negligence, omission, monetary (de-
valued), non-monetary(freedom)
13. Community Manager Identify, review, monitor risk, inform Board, oversee insurance.
role in Risk Responsi-
bility
14. Insurance Agent sells insurance, works for single carrier
, CMCA Exam
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15. Insurance broker Sells insurance, works with multiple carriers
16. Loss Frequency Number of times loss may occur
17. Loss Severity expected $ loss from event.
18. Risk Control reduce or eliminate exposure
19. Risk Financing Options to cover $ of loss
20. Exposure avoidance eliminating chance of loss
21. Loss Prevention reducing likelihood of loss (training, inspections)
22. Loss Reduction reducing severity of loss (fire sprinkler)
23. Contractual Transfer shift loss from association to other (ex. vendor, insurance)
24. Risk Retention association finds way to pay for losses
25. Risk Transfer association finds way to transfer responsibility to another party
26. Funding to pay for shifting cost from one GL to another
losses: Current ex-
pensing
27. Funding to pay for pull from reserves to cover cost
losses: Funded Re-
serve
28. Funding to pay for Special assessment to cover cost
losses: Unfunded ex-
pense.
29. Taking out a loan/credit to cover expense
, CMCA Exam
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Funding to pay for
losses: Borrowing
30. Decision Matrix: Risk Low frequency, low severity
Retention
31. Decision Matrix: Risk Low frequency, High severity
Transfer
32. Decision Matrix: Risk High frequency, low severity
Control
33. Decision Matrix: Com- High frequency, High severity
bination
34. Screening Bidders for Policies tailored to your needs, HOA experience, carrier ratings.
Insurance
35. RFP Components for Intro, contacts, instruction/timing for submission, bid specs, fact sheet
Insurance HOA, Gov Docs, Loss runs.
36. RFP primarily for large projects, bid specs, inform on association, work condi-
tions, surveys/outline job, dates, warranty reqs
37. BBB Better Business Bureau
38. RFP Contract provi- -parties involved
sions -scope of work
-compensation, time period
-warranty, indemnification, insurance
-permits/license
-default financial protection.
39. Loss Run History of claims on insurance policy
Study online at https://quizlet.com/_hvn4ik
1. Aggregate a maximum amount an insurer will reimburse a policyholder for all covered
losses during a set time period, usually one year.
2. Risk Management Identifying, assessing, responding to risk by reducing, removing, and in-
suring threats
3. Risk Inventory Contacts, resources, areas to inspect & keep record of
4. Immediate exposers Severe weather, deficiencies, negligence
to risk
5. Speed of Response Authorization, information, money, equipment, personnel, schedule
6. Types of Exposure Property, Net Income, Liability, Personnel
7. Property Exposures physical damages to property
8. Net Income expo- Unexpected increase in cost/money
sures
9. Personnel Exposures death, retirement, resignation
10. Liability Exposures 3rd party claims against association. (worker injured and suing ex)
11. Liability Insurance Bodily injury, property damage, personnel injury (said/did), advertising
Coverages injury (written/published)
12. D&O Insurance Wrongful acts by association/board, negligence, omission, monetary (de-
valued), non-monetary(freedom)
13. Community Manager Identify, review, monitor risk, inform Board, oversee insurance.
role in Risk Responsi-
bility
14. Insurance Agent sells insurance, works for single carrier
, CMCA Exam
Study online at https://quizlet.com/_hvn4ik
15. Insurance broker Sells insurance, works with multiple carriers
16. Loss Frequency Number of times loss may occur
17. Loss Severity expected $ loss from event.
18. Risk Control reduce or eliminate exposure
19. Risk Financing Options to cover $ of loss
20. Exposure avoidance eliminating chance of loss
21. Loss Prevention reducing likelihood of loss (training, inspections)
22. Loss Reduction reducing severity of loss (fire sprinkler)
23. Contractual Transfer shift loss from association to other (ex. vendor, insurance)
24. Risk Retention association finds way to pay for losses
25. Risk Transfer association finds way to transfer responsibility to another party
26. Funding to pay for shifting cost from one GL to another
losses: Current ex-
pensing
27. Funding to pay for pull from reserves to cover cost
losses: Funded Re-
serve
28. Funding to pay for Special assessment to cover cost
losses: Unfunded ex-
pense.
29. Taking out a loan/credit to cover expense
, CMCA Exam
Study online at https://quizlet.com/_hvn4ik
Funding to pay for
losses: Borrowing
30. Decision Matrix: Risk Low frequency, low severity
Retention
31. Decision Matrix: Risk Low frequency, High severity
Transfer
32. Decision Matrix: Risk High frequency, low severity
Control
33. Decision Matrix: Com- High frequency, High severity
bination
34. Screening Bidders for Policies tailored to your needs, HOA experience, carrier ratings.
Insurance
35. RFP Components for Intro, contacts, instruction/timing for submission, bid specs, fact sheet
Insurance HOA, Gov Docs, Loss runs.
36. RFP primarily for large projects, bid specs, inform on association, work condi-
tions, surveys/outline job, dates, warranty reqs
37. BBB Better Business Bureau
38. RFP Contract provi- -parties involved
sions -scope of work
-compensation, time period
-warranty, indemnification, insurance
-permits/license
-default financial protection.
39. Loss Run History of claims on insurance policy
