Exam (elaborations)
National Flood Insurance Program (NFIP) Questions with Correct Answers
- Course
- Institution
National Flood Insurance Program (NFIP) Questions with Correct Answers
[Show more]
Content preview
National Flood Insurance Program (NFIP) Questions with Correct AnswersThe three standard flood insurance policy coverage forms available are the: CORRECT ANSWER dwelling form
general property form
residential condominium building association policy (RCBAP) form
Eligibility for coverage CORRECT ANSWER affected by a community's participation in the national flood insurance program and by the type and/or location of the building, structure, or contents to be insured.
special flood hazard areas (SFHA) CORRECT ANSWER sometimes informally referred to as the floodplain, have a 1 percent chance of being flooded in any given
year (100-year floodplain). However, even homes in moderate- to low-risk flood zones are exposed to flooding. In fact, 25 percent of flood losses occur in these zones.
Participation in the NFIP is a two-stage process CORRECT ANSWER flood insurance rate map (FIRM), which will identify all of the flood hazard zones in the community, all properties in that community are eligible for flood insurance at emergency program rates, subject to the emergency program low maximum limits.
the regular flood insurance program. A community becomes a participant in the regular flood program once its flood hazard zones have been identified and published in a FIRM.
Dwelling Form Eligibility containing 1-4 units CORRECT ANSWER single-
family, noncondominium residences with incidental occupancy limited to less than 50 percent of the total floor area
two to four family, noncondominium buildings with incidental occupancy limited to less than 25 percent of the total floor area
dwelling units in residential condominium buildings
residential townhouses and row houses
personal contents in a nonresidential buildings
General Property Form Eligibility containing 5 or more units CORRECT ANSWER apartment buildings
residential cooperative buildings
dormitories assisted-living facilities
hotels, motels, tourist homes, and rooming houses that have more than four units where the normal guest occupancy is six months or more
The general property form is also issued to owners or lessees of nonresidential building units. In the NFIP regular and emergency program communities, this form
provides building and contents coverage for these and similar eligible properties:
hotels or motels with normal guest occupancy of less than six months
licensed bed-and-breakfast inns
retail shops, restaurants, or other businesses
mercantile buildings
grain bins, silos, or other farm buildings
agricultural or industrial processing facilities
factories
warehouses
pool houses, clubhouses, or other recreational buildings
houses of worship
schools
nursing homes
nonresidential condominiums
condominium buildings with less than 75 percent of its total floor area in residential use
detached garages
toolsheds
stock, inventory, or other commercial contents
Debris Removal CORRECT ANSWER no limit
Removal Expenses CORRECT ANSWER $1000
Sandbagging Expenses CORRECT ANSWER $1000
Pollution Damage CORRECT ANSWER $10,000
Increased Cost of Compliance (Coverage D) CORRECT ANSWER The policy also provides up to $30,000 of coverage for "increased cost of compliance." This coverage pays for increased costs resulting from the enforcement of floodplain management ordinances or laws that require elevation, flood proofing, relocation, or demolition of a structure after direct loss by flood.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now