What is nfip - Study guides, Class notes & Summaries

NJ Property Casualty Insurance Exam With Detailed And Real Updated Solutions 2024 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 commi...

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...

ANFI 205 Sample Exam with complete solutions One purpose of the National Flood Insurance Act of 1968 is to encourage state and local governments to - ️️ Wisely use the lands by considering the hazards of flood. What is the initial phase of a community's participation in the National Flood Insurance Program (NFIP) called? - ️️ Emergency Program Increased Cost of Compliance (ICC) coverage is mandatory for all Standard Flood Insurance Policies with four exceptions. One of these ex...

Property and Casualty Questions and Answers Already Passed An agent license can be suspended or revoked by writing primarily controlled business If an insured hides information and fails to disclose a known material fact to the insurer is known as Concealment which of the following statements pertaining to medical payment Part C of the CGL is false A person has to establish the liability of the insured before medical benefits will be paid under the contract All of the following...

What type of insurance policy must always be purchased separately and not as part of a homeowners' policy? A)Flood B)Liability C)Earthquake D)Falling objects - A) The answer is FLOOD. Flood insurance is always a separate policy and only covers damage due to flooding. The Federal Emergency Management Agency (FEMA) administers the National Flood Insurance Program (NFIP). A building that is remodeled into residential units and no longer used for the purpose for which it was originally bui...

What period causes more property damage in the US than any other natural disaster? CORRECT ANSWER Floods! Define: Flood CORRECT ANSWER Temporary inundation of normally dry land --Temp condition of partial or complete inundation of 2 or more acres of normally dry land area or of 2 or more properties (at least one of which is the insured's property) Think 2,2,2 rule 1. Structure has to have 2 walls 2. Has to impact 2 acres of dry land OR 2 or more properties Who created the National F...

Property and Casualty Exam- Louisiana Questions And Answers 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 - ANS Any of the insurers providing coverage. The policy conditions define - ANS 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 EXCEP...

GA Claims Adjuster Licensing Exam Latest 2024 Already Passed What coverage does Community Eligibility apply to? - Answer ️️ -Flood insurance through FEMA What's the difference between Emergency Program and Regular Program in the National Flood Insurance Program? - Answer ️️ -Emergency applies to homes in communities that are a normally not a flood hazard. Regular programs are awarded to an entire community that is eligible due to flood hazard. What is the flood coverage on a reg...

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 P&C Insurance Exam With 100% Correct Answers 2023. A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participating. What is the maximum a resident may receive for damages to their personal property? $10,000 Under the Dwelling Broad Form, losses to an unattached garage are paid on which basis? Replacement Cost Which of the following is false regarding the Building and Personal Property Covera...