Condominium Association Insurance Basics

7 Questions | Total Attempts: 34

SettingsSettingsSettings
Please wait...
Real Estate Quizzes & Trivia

Course Exam


Questions and Answers
  • 1. 
    Which of the following is NOT part of a typical Association Insurance Policy?
    • A. 

      Boiler and machinery

    • B. 

      Crime insurance coverage

    • C. 

      Contents coverage for unit owners

    • D. 

      Directors and officers

  • 2. 
    What should be used as a starting point to determine how much coverage your Association needs for their buildings?
    • A. 

      Just guess, you have a lot of experience

    • B. 

      Ask the Board President to give you a figure to use

    • C. 

      Use the most recent appraisal (should be within 3 years)

    • D. 

      Use property appraiser valuation

  • 3. 
    Who should give you a certificate of insurance?
    • A. 

      Certificates are not needed

    • B. 

      Any vendor that does work on behalf of the Association

    • C. 

      Only landscapers or other hazardous occupations

    • D. 

      Only painters

  • 4. 
    Which of the coverage below would cover someone who fell at the pool?
    • A. 

      Property

    • B. 

      Crime

    • C. 

      General Liability

    • D. 

      None, they would use their own insurance for medical

  • 5. 
    What is the difference between a Hurricane and Wind Deductible?
    • A. 

      Wind deductibles apply to all wind while hurricane deductibles apply to hurricanes

    • B. 

      They are the same, wind is wind

    • C. 

      Hurricane deductibles don't exist anymore

    • D. 

      None of the above

  • 6. 
    What is the difference between a Per Occurrence Deductible and a Per Calendar Year Deductible?  (In regards to wind)
    • A. 

      No difference, they are both deductibles

    • B. 

      One applies each claim and the other once a year

    • C. 

      None of the above

    • D. 

      One is for property, one is for liability

  • 7. 
    Who covers the contents of a unit?
    • A. 

      It is included in the HOA dues

    • B. 

      The unit owner is responsible for their own insurance

    • C. 

      The manager covers the contents

    • D. 

      The contents are covered under the Master policy

Back to Top Back to top