Flood insurance - Study guides, Class notes & Summaries

What period causes more property damage in the US than any other natural disaster? CORRECT ANSWER Floods! Define: Flood CORRECT ANSWER Temporary inundation of normally dry land --Temp condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least one of which is the insured's property) Think 2,2,2 rule 1. Structure has to have 2 walls 2. Has to impact 2 acres of dry land OR 2 or more properties Who created the National F...

Louisiana Personal Lines Insurance Exam Already Graded A+ 104. Coverage for loss by some perils under a building and personal property form is suspended if (Choose from the following options) 1. An uninsured peril causes a partial loss. 2. The insured building is vacant for over 60 days. 3. A loss occurs while a hazard beyond the insured's control is increased. 4. The insured fails to satisfy the coinsurance provision ️2. The insured building is vacant for over 60 days 107. In...

Key Issues CORRECT ANSWER 66% Of homes in SFHA not insured Some claims ajustors not well educated on flood New flood maps put more people in SFHA Problems with claims denial following Sandy Confusion over term "hurricane coverage" What is a Flood? CORRECT ANSWER When normally dry land is inundated by water or mudflow Caused by hurricanes, broken levees, clogged drainage system or rapid accumulation of rainfall Probability of Flood Loss CORRECT ANSWER Homes in a Special Flood Hazar...

Flood is a covered peril under the Homeowners policy? CORRECT ANSWER False Flood is covered peril under the auto policy? CORRECT ANSWER False Key Issues of Flood CORRECT ANSWER - Insured value of property in Atlantic and Gulf Coast counties increased by 80% since 2004 - Evan Greenburg Climate Change - 66% of homes in SFHA not insured - Flood Rates not adequate - Flood Damage impacting federal deficit What is a flood? CORRECT ANSWER When normally dry land is inundated by water or mud...

NJ Property/ Casualty Insurance Exam Set with Complete Solutions Why was the commercial Insurance Deregulation Act Created? - ANSWER-To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - ANSWER-Commercial policies When must rate amendments & policy forms be filed with the commissioner? - ANSWER-30 days before What losses...

Flood Insurance - Questions and Answers

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for th...

Does the Regulation apply to a loan where the building or mobile home securing such loan is located in a community that does not participate in the NFIP? - Answer- Yes. However, a lender does not require borrowers to obtain flood insurance for a building or mobile home located in a community that does not participate in the NFIP, even if the building or mobile home securing the loan is located in a SFHA. What is a lender's responsibility if a particular building or mobile home that secur...

Flood Insurance Questions with Complete Solutions