The inundation Study guides, Class notes & Summaries

National flood insurance program (NFIP) - Answer 1. standard homeowners insurance doesn't cover flooding 2. the NFIP offers flood insurance, if their community participates in the NFIP 3. participating communities agree to adopt and enforce ordinances that meet or exceed federal emergency management agency requirements to reduce risk of flooding who is NFIP administered by? - Answer FEMA in order to qualify for flood insurance, a community must - Answer 1. join nfip 2. agree to enforce...

Specific insurance - Answer This type of insurance designates a particular item to be insured Blanket insurance - Answer This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - Answer possibility of both gain and loss. Not insurable. Pure - Answer only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - Answer avoid, control, retain, and transfer risk. ...

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 through flood insurance premiums. 2) Provide floodplain residents and property owners with financial aid after floods, especially smaller floods that do not warrant federal disaster aid. 3) Guide de...

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 - Answer Insurance Floodplain management Floodplain mapping Federal government passed Flood Disaster Protection Act of 1973 which mandated flood insurance - Answer 1. Flood insurance is required i...

Abandonment - Answer The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - Answer A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - Answer An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - Answer The required amount to pay damages or for property loss, which is calcu...

CFM Exam questions with complete solutions. ACV - correct answer. Actual Cash Value BFE - correct answer. Base Flood Elevation CAC - correct answer. Community Assistance Contact (CAP) CAP - correct answer. Community Assistance Program CAV - correct answer. Community Assistance Visit (CAP) CBRA - correct answer. Coastal Barriers Resources Act CBRS - correct answer. Coastal Barriers Resource System CFM - correct answer. Certified Floodp...

CFM Exam questions and answers 100% verified. Shallow flooding problems fall into (3) categories - correct answer. Sheet flow, ponding, urban drainage, coastal flooding (depths 1-3 feet) Describe areas where ponding may be a problem - correct answer. Glaciated areas, caves and sinkholes, man-made features What are (5) Special Flood Hazards - correct answer. Closed basin lakes, uncertain flow paths, dam breaks, ice jams, mud flows Alluvial fan flooding is what typ...

Property and Casualty Insurance EXAM Latest Update 2023 Specific insurance - This type of insurance designates a particular item to be insured Blanket insurance - This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - possibility of both gain and loss. Not insurable. Pure - only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - avoid, control, reta...

Under RESPA, the servicer may require a borrower to pay into an escrow account to cover disbursements that are unanticipated or disbursements made before the borrower's monthly payments are available in the account, a cushion or reserve that must be no greater than _____ of the estimated total annual disbursements from the escrow account. The answer is one sixth. Under RESPA, a lender may require the borrower to establish an escrow account at closing. The loan servicer may require a borrower ...

An attachment lien placed on real property can be released by all of the following except: Death of the defendant In a bilateral contract an offered promise is given for receipt of a return promise. If a real promise is offered, this is treated as: Consideration How many townships and range systems are there in California? 3 Which of the following items would not be included in a bill of sale transferring a retail merchandising business: Assignment of Leasehold Al...