How was the nfip created - Study guides, Class notes & Summaries

NJ Property/ Casualty Insurance Exam Set with Complete Solutions A+ Rated NJ Property/ Casualty Insurance Exam Set with Complete Solutions A+ Rated Why was the commercial Insurance Deregulation Act Created? 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? Commercial policies When must rate amendments & policy forms ...

NJ Property/ Casualty Insurance Exam Set Accurate Correct Questions with Answers 100% 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?...

CFM Exam Questions and Answers 100% Correct Shallow flooding problems fall into (3) categories Sheet flow, ponding, urban drainage, coastal flooding (depths 1-3 feet) Describe areas where ponding may be a problem Glaciated areas, caves and sinkholes, man-made features What are (5) Special Flood Hazards Closed basin lakes, uncertain flow paths, dam breaks, ice jams, mud flows Alluvial fan flooding is what type of special flood hazard and what are the inherent hazards thereof? Uncertain flow pa...

What are the two types of flood insurance? - answer- nfip provides an emergency program and regular program How was the nfip created? - answer- by the passage of the national flood insurance act of 1968 Can you obtain flood insurance through private insurers? - answer- 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? - answer- they must be willing to adopt flood control measures and ...

NJ Property/ Casualty Insurance Exam Set with Complete Solutions A+ Rated Why was the commercial Insurance Deregulation Act Created? 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? Commercial policies When must rate amendments & policy forms be filed with the commissioner? 30 days before What losses are excluded fro...

FLOOD INSURANCE QUESTIONS AND ANSWERS WHAT ARE THE TWO TYPES OF FLOOD INSURANCE? - ANSWER NFIP PROVIDES AN EMERGENCY PROGRAM AND REGULAR PROGRAM HOW WAS THE NFIP CREATED? - ANSWER BY THE PASSAGE OF THE NATIONAL FLOOD INSURANCE ACT OF 1968 CAN YOU OBTAIN FLOOD INSURANCE THROUGH PRIVATE INSURERS? - ANSWER 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? - ANSWER THEY MUST B...

NJ Property/ Casualty Insurance Exam Set Questions With Correct Answers Why was the commercial Insurance Deregulation Act Created? - answerTo 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? - answerCommercial policies When must rate amendments & policy forms be filed with the commissioner? - answer30 days before What los...

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...

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 are excluded from flood insurance? - ANSWER--Landslides -Sewer b...

NJ Property/ Casualty Insurance Exam With 100% Correct Answers 2023 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-3...