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Flood Insurance Exam Study Guide Solutions
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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...

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

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  • flood insurance exam study guide solutions

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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




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