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19 Cards in this Set
- Front
- Back
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Generally, there are 4 types of exposure to risk: |
Property Liability Income Personnel |
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If the documents are silent kn insurance, the Board must exercise ______ business judgment under common law. |
Prudent |
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T/F The Statutes for insurance is all the same for all types of associations. |
False. Each one varies. |
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The Florida Legislature amended the Condominium Act, Cooperative Act, and Homeowners Association Act to permit ___ or more associations to create self-insurance pools for windstorm insurance, in the year ______. |
3+ 2007 |
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The OIR Office of Insurance Regulation in the Offixe Of the Chief Financial Officer, Department of Financial Services, oversees what? |
Insurance issues |
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By reviewing the association docs, applicable statutes, conducting surveys, examining financial statements, making personal inspections, and hiring experts to evaluate exposures, the association identifies its insurable interests and ________ exposures. |
Potential |
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Exposure avoidance, loss prevention, loss reduction, segregation of exposure, and contractual transfers are all examples of what? |
Risk control |
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3 core activities of the association Board of Directors for establishing association insurance requirements: |
Business Government Community |
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To establish the association's responsibility and legal requirements in purchasing applicable insurance, they should consult: |
Documents Statutes Professionals |
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The American Institute of Certified Public Accountants (AICPA), and the Financial Accounting Standards Board (FASB) arr two professional organizations that do what? |
Set audit standards that require certain levels of insurance |
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FS 617 and 607 are _____ on insurance requirements. |
Silent |
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What Refers to the process of strengthening a building structure and systems, such as installing shutters, retrofitting the roof, etc |
Hardening |
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Structures covered by personylines insurance with values of $750,000 or greater are required to have ______ or other opening protections, effective January 1, 2009. |
Shutters |
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Structural damage from sinkholes is defined as damage affecting _____ or buildings. Ilall authorized insurers must provide coverage for "catastrophic ground cover collapse " unless the _____ has waived the coverage in ____. |
Foundations Insurer Writing |
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Which Act provides specific detailed language on insurance requirements since 1974? |
Condominium Act |
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In Condominiums: insurance must cover all ____ ___ and anything outside of the individual units. |
Common property |
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Effective January 1,2009 air conditioners and equipment is the responsibility of ____ |
The association |
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After July 1, 2010, every HO-6 policy issued must include $______ of property loss assessment coverage for all assessments, which a deductible of no more than $_____ per direct property loss applies. |
2000 250 |
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Form used for a member's condominiums insurance policy that provides coverage of the interior walls and personal property within the dwellers, storage areas, and other areas identified as personal property. Provides liability coverage for members. |
HO-6 policy |
