Flood insurance - Study guides, Class notes & Summaries

What is an eligible building for flood insurance?: A structure with 2 or more outside rigid walls and a fully secure roof, built on a permanent site, with 50% or more of the value above ground level and located within an eligible community What is Builders Risk Coverage?: Covers buildings in the course of completion. Proper coverage is 100% of expected completed value Do all Homeowners policies contain Coverage A?: No, HO-4 (Renters person- al property) What is casual labor in workers' compen...

Why was the commercial Insurance Deregulation Act Created? - correct 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? - correct answer Commercial policies When must rate amendments & policy forms be filed with the commissioner? - correct answer 30 days before What losses are excluded from flood insurance? ...

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) - Answer Defines coverage, limits , and exclusions for NFIP flood Insurance policies with terms and conditions unique to the NFIP - NFIP insurers can ONLY use the SFIP How to cancel a policy - Ans...

FLOOD INSURANCE QUESTIONS AND ANSWERS 2023 WHAT ARE THE TWO TYPES OF FLOOD INSURANCE? NFIP PROVIDES AN EMERGENCY PROGRAM AND REGULAR PROGRAM HOW WAS THE NFIP CREATED? BY THE PASSAGE OF THE NATIONAL FLOOD INSURANCE ACT OF 1968 CAN YOU OBTAIN FLOOD INSURANCE THROUGH PRIVATE INSURERS? YES UNDER THE "WRITE YOUR OWN" PROGRAM AND THEY ARE 100% REIMBURSED BY THE GOVERNMENT WHAT IS REQUIRED BY COMMUNITIES TO OBTAIN NAT'L FLOOD INSURANCE? THEY MUST BE WILLING TO ADOPT FLOOD C...

Appraisal An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage The business of bringing people together in a real estate transaction. Commerical The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development The term for the construction of improvements upon the land. Elevation Certificate Insurance agents are required to obtain one of these on any property be...

Louisiana Property and Casualty Exam Questions and Answers Already Passed Should 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the event of a loss, the insured must notify Any of the insurers providing coverage. The policy conditions define How parties to the contract must act following a loss. Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT ...

The Biggest Problem Facing Flood Insurance In America Today Is That CORRECT ANSWER Only People Likely To Have A Flood Will Obtain Coverage Flood Insurance: Yesterday, Today, & Tomorrow Flood Insurance Down Through the Ages (until 1968) CORRECT ANSWER Floods have provoked major human responses throughout recorded time. Our modern calendar exists because, 5,000 years ago, Egyptians needed a way to predict and take measures against the annual flooding of the Nile. Risk management and flood cont...

Abandonment - - Insurance company may choose to take damaged property and pay insured the value - Insured CANNOT surrender damaged property to insurance company Active Retention - Identify the loss/risk exposure and really consider the risk itself and all the measures around it. (ex. Should we transfer it, retain it etc.) Admitted (standard or retail) Insurance companies - Regulated by the state, They often must subscribe to rating and form regulations of that state. Agent or Broker - "I...

Flood Insurance Exam 2024 Questions and Answers

What does FDPA stand for? CORRECT ANSWER Flood Disaster Protection Act What does NFIP stand for? CORRECT ANSWER National Flood Insurance Program What does SFHA stand for? CORRECT ANSWER Special Flood Hazard Area What does FEMA stand for? CORRECT ANSWER Federal Emergency Management Agency What does WYO stand for? CORRECT ANSWER Write Your Own What does SFIP stand for? CORRECT ANSWER Standard Flood Insurance Policy What federally-backed insurance programs are offered through FEMA...