Nfip exam stuvia - Study guides, Class notes & Summaries

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 Final Exam Practice Questions and Answers Flood is a covered peril under the Homeowners policy? - ANSWER-False Flood is covered peril under the auto policy? - ANSWER-False Key Issues of Flood - ANSWER-- Insured value of property in Atlantic and Gulf Coast counties increased by 80% since 2004 - Evan Greenburg Climate Change - 66% of homes in SFHA not insured - Flood Rates not adequate - Flood Damage impacting federal deficit What is a flood? - ANSWER-When normally dry la...

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-R...

The Adjuster's Role - Answer * Handle the claim * Make recommendations * Share recommendations with policyholder Does not have authority to approve/deny claims Customer Service - Answer * Expected to create a favorable impression of the NFIP. * Demonstrate professionalism in work practices & products & in interpersonal communications. * Improve policyholder's understanding of the SFIP The Flood Certification Number (FCN) Identification - Answer The FCN card identifies you as ...

Base Flood - Answer 1% annual chance flood Base Flood Elevation (BFE) - Answer Computed elevation to which floodwater is anticipated to rise during the base (1% annual chance) flood Special Flood Hazard Area (SFHA) - Answer Area covered by the 1% annual chance floodplain The six SFHA zones: - Answer A, AE, AH, AO, V, VE Floodway - Answer Stream channel and that portion of the adjacent floodplain that must remain open to permit passage of the base flood The National Flood Insurance...

For what type of property may an applicant or insured choose a maximum deductible of $10,000? - Answer A residential building Your client lives in a flood zone A. What type of flood risk is his property subject to? - Answer High A waiting period in flood insurance is usually - Answer 30 days What would happen if an agent submitted a flood insurance application for a drive in bank teller unit or a pumping station? - Answer Coverage would be declined More than 20% of all NFIP flood ins...

makes federally-backed flood insurance available to homeowners, renters, and business owners - Answer National Flood Insurance Program (NFIP) Flood insurance can be purchased by either what two ways? - Answer 1. directly through the National Flood Insurance Program (NFIP) 2. from private insurers in a program referred to as "write your own" which is available through local producers (agents) the coverage and the premium are the same regardless of the method purchased True or False: dep...

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...

NFIP - Answer Flood insurance. subsidized by federal government. Instituted in 1968 by fed gov't and sold by agents of commercial insurers. Standards are overseen by FEMA. Waiting Period for NFIP - Answer coverage begins 30 days after application for endorsements to increase coverage and for new applicants. Definition of a flood - Answer general and temporary condition of partial or complete inundation of normally dry land areas, resulting from the overflow of inland or tidal waters o...

Flood is a covered peril under the Homeowners policy? - Answer False Flood is covered peril under the auto policy? - Answer False Key Issues of Flood - Answer - Insured value of property in Atlantic and Gulf Coast counties increased by 80% since 2004 - Evan Greenburg Climate Change - 66% of homes in SFHA not insured - Flood Rates not adequate - Flood Damage impacting federal deficit What is a flood? - Answer When normally dry land is inundated by water or mudflow Caused by hurrican...