National Flood Insurance Policy (NFIP) Exam Bundle

Purpose of National Flood Insurance Program - Answer federal government program to provide a direct loss flood insurance at subsidize rates. ~purpose is to encourage communities to practice flood control & to restrict development in flood prone areas by denying program participation to communities ...

The three standard flood insurance policy coverage forms available are the: - Answer dwelling form general property form residential condominium building association policy (RCBAP) form Eligibility for coverage - Answer affected by a community's participation in the national flood insurance pr...

NFIP - Answer Flood insurance. subsidized by federal government. Instituted in 1968 by fed gov't and sold by agents of commercial insurers. Standards are overseen by FEMA. Waiting Period for NFIP - Answer coverage begins 30 days after application for endorsements to increase coverage and for...

For what type of property may an applicant or insured choose a maximum deductible of $10,000? - Answer A residential building Your client lives in a flood zone A. What type of flood risk is his property subject to? - Answer High A waiting period in flood insurance is usually - Answer 30 days ...

cause more property damage in the United States than any other type of natural disaster. - Answer Floods created by the federal government to fill the gap left by the private insurance industry, and is administered by the Federal Insurance and Mitigation Administration (FIMA), a part of the Feder...

Flood is a covered peril under the Homeowners policy? - Answer False Flood is covered peril under the auto policy? - Answer False Key Issues of Flood - Answer - Insured value of property in Atlantic and Gulf Coast counties increased by 80% since 2004 - Evan Greenburg Climate Change - 66% of ...

where do you get flood insurance? - Answer through the national flood insurance program what is the standard deductible in flood policy? - Answer $500 per occurance what must apply on flood policy to recieve RC? - Answer coinsurance clause what coverage do contents have on flood policy? - A...

chance of flooding in a given year? - Answer 25 What is the most compelling reason why someone should buy flood insurance? - Answer Loss by flood is excluded in homeowners and commercial property policies. What category of contents is not eligible for flood insurance? - Answer motorcycles stor...

WYO Program - Answer "Write your own" insurers write the coverage on their own "paper" but the NFIP reinsures 100% of the coverage Wait period for policy to become effective - Answer 30 days, this is done to avoid panic buying before disasters strike Standard Flood Insurance Policy (SFIP) ...

The Adjuster's Role - Answer * Handle the claim * Make recommendations * Share recommendations with policyholder Does not have authority to approve/deny claims Customer Service - Answer * Expected to create a favorable impression of the NFIP. * Demonstrate professionalism in work practi...

National Flood Insurance Program (NFIP) - Answer Was created by the federal government to fill the gap left by private insurance industry and is administered by the Federal Insurance and Mitigation Administration (FIMA), a part of the Federal Emergency Management Agency (FEMA) 3 Main components -...

When did Congress pass the National Flood Insurance Act? - Answer 1968 What act did Congress pass in 1968 - Answer National Flood Insurance Act What was the NFIP created to do? (4) - Answer 1) Transfer the costs of private property flood losses from the taxpayers to floodplain property owners ...

Base Flood - Answer 1% annual chance flood Base Flood Elevation (BFE) - Answer Computed elevation to which floodwater is anticipated to rise during the base (1% annual chance) flood Special Flood Hazard Area (SFHA) - Answer Area covered by the 1% annual chance floodplain The six SFHA zones:...

makes federally-backed flood insurance available to homeowners, renters, and business owners - Answer National Flood Insurance Program (NFIP) Flood insurance can be purchased by either what two ways? - Answer 1. directly through the National Flood Insurance Program (NFIP) 2. from private insurer...