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Flood Insurance Questions with Correct Answers
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Flood Insurance Questions with Correct Answers
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Flood Insurance Questions with Correct AnswersWhen was the National Flood Insurance Program (NFIP) enacted? When was the most recent change to flood insurance regulations? CORRECT ANSWER With the
National Flood Insurance Act of 1968.. Regulation was updated with Biggert-
Waters Flood Insurance Reform Act of 2012, and rules were issued 2015.
What are the 4 objectives of the Flood Disaster Protection Act (FDPA) CORRECT
ANSWER -Provide flood insurance -Require communities to enact measures to prevent future flood losses in exchange
for subsidized insurance
-Requires regulatory agencies to adopt regs prohibiting MIRE loans secured by improved RE or mobile homes in SFHA
-Requires FHA, SBA, and VA not to subsidize, insure, or guarantee any SFHA loans in communities not participating in NFIP.
What are the 6 types of structures/things that can be insured in SFHAs? CORRECT ANSWER -residential, commercial, industrial, and agricultural buildings that are walled, roofed, and principally above ground.
-buildings under construction where loan was made to construct.
-Mobile homes affixed to permanent sites
-Condominiums
-Co-operative buildings
-Personal property and insurable contents within real property in SFHAs
What 6 categories cannot be insured under NFIP? CORRECT ANSWER -
unimproved land, bridges, dams, and roads
-mobile homes not affixed to permanent site
-travel trailers and campers
-converted buses or vans
-building entirely in, on, or over water into which boats are floated.
-buildings newly constructed or improved on or after 1983 in Coastal Barrier Resource Systems.
What triggering events require a determination if FI is necessary? CORRECT ANSWER Making, Increasing, Renewing, or Extending a loan. (MIRE)
What three factors must be present for FI to be required? CORRECT ANSWER -
The loan is secured by improved RE, or mobile home affixed to permanent foundation
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