100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Flood Insurance Exam Study Guide Solutions $11.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Prep Tests
  4.  
  5. Prep Tests

Exam (elaborations)

Flood Insurance Exam Study Guide Solutions
 0 view  0 purchase
  • Course
  • Prep Tests
  • Institution
  • Prep Tests

Flood Insurance Exam Study Guide Solutions The purpose of the flood insurance requirements is to: - ANSWER-Inform and protect A home equity loan is not considered eligible for flood insurance. - ANSWER-F An SFHDF is used to determine: - ANSWER-Whether the property lies in an SFHA A detached str...

[Show more]

Preview 2 out of 7  pages

Document information

  • November 11, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • flood insurance exam study guide solutions

Written for

  • Prep Tests
  • Prep Tests

Seller

avatar-seller
OliviaWest

Reviews received

Content preview

Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED




Flood Insurance Exam Study Guide Solutions


The purpose of the flood insurance requirements is to: - ANSWER✔✔-Inform and protect


A home equity loan is not considered eligible for flood insurance. - ANSWER✔✔-F


An SFHDF is used to determine: - ANSWER✔✔-Whether the property lies in an SFHA


A detached structure that is joined by a structural connection to a part of a residential property is

considered exempt from the flood insurance requirements. - ANSWER✔✔-F


NFIP insurance is available for: - ANSWER✔✔-Residential buildings


Commercial buildings


Agricultural buildings


**All of the above


An institution's failure to use the SFHDF to determine if a property lies in an SFHA is a potential violation

of the flood insurance requirements. - ANSWER✔✔-T


Financial institutions are required to accept private flood insurance that meets both: - ANSWER✔✔-The

definition of private flood insurance and the mandatory purchase requirement


Because only one flood insurance policy can be issued per structure, it should be issued in an amount

sufficient to cover both the first mortgage and the second mortgage, if there is one. - ANSWER✔✔-T


The intended purpose of the loan, as opposed to the collateral, is the critical factor in the applicability of

the flood insurance rules. - ANSWER✔✔-F

Copyright ©Stuvia International BV 2010-2024 Page 1/7

, Copyright © OLIVIAWEST2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


A flood map produced by FEMA that shows a detailed analysis of the area's elevation and flood risk is

called a: - ANSWER✔✔-Flood Insurance Rate Map


Institutions may charge a fee for life-of-loan monitoring. - ANSWER✔✔-T


Which are exempt from flood insurance requirements? - ANSWER✔✔-Travel trailers


For one- to four-family residential property structures, the maximum amount of coverage is: -

ANSWER✔✔-$250,000


A Special Flood Hazard Area (SFHA) is any area that the director of FEMA determines has at least a

______ percent chance of flooding in a given year. - ANSWER✔✔-One % percent


If the property securing a loan lies in an SFHA, it is the borrower's responsibility to notify the institution

of that fact. - ANSWER✔✔-F


Flood insurance is required for the term of the loan on buildings or mobile homes when: - ANSWER✔✔--

-Your financial institution makes, increases, extends, or renews any loan secured by improved real estate

or a mobile home that is affixed to a permanent foundation, and the property securing the loan is

located in, or will be located in, a Special Flood Hazard Area as identified by FEMA


--The community participates in the NFIP


---The property securing the loan is (or will be) located in a Special Flood Hazard Area (SFHA), as

identified by FEMA


It is the customer's responsibility to ensure that flood insurance remains in place for the term of the

loan, and the lender is not required to monitor this. - ANSWER✔✔-F




Copyright ©Stuvia International BV 2010-2024 Page 2/7

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart