GA Claims Adjuster Licensing Exam 2023 WITH 100% COMPLETE SOLUTIONS

What coverage does Community Eligibility apply to? Flood insurance through FEMA What's the difference between Emergency Program and Regular Program in the National Flood Insurance Program? 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 regular program in a 1-4 Family Dwelling? $250,000 On what policy can you add the Flood Program endorsement? None! It has its own policy through the Federal Government. Difference in Conditions (DIC) Insurance A separate insurance policy that provides open-perils coverage to fill in the gaps left by flood coverage if a home is worth over $250K. Coverage is produced through Excess/Surplus Lines. What is the waiting period on NFIP coverage? 30 days after policy purchase What is the coverage change waiting period for the NFIP? 5 days Give examples of the flood peril - an overflow of inland or tidal waters - unusual or rapid accumulation or runoff of surface waters -Mudflow or Mudslide - Collapse of land along the shore of a lake as a result of erosion What kinds of things does flood insurance cover? Your house and your things (dwelling and personal property). No indirect charges. Dwelling coverage extension for flood insurance covers what? How much is it? Structures not attached to dwelling (O.S. or Appurtenant structures). 10% of Dwelling limit. ***It is an extension of coverage, NOT the $250K limit so any coverage needed here will reduce the amount able to go to the dwelling. Contents coverage of flood insurance is limited to what? Personal property damaged or destroyed by the flood itself and belongs to insured and resident spouse/relatives. The insured is liable for content of others. What are the coverages of flood insurance? Dwelling, Contents, Debris Removal How are damaged items valued in flood coverage? Dwelling - replacement cost Contents - Actual Cash Value What kind of property is not covered by flood insurance? Basements and underground structure (ex. septic tanks), animals, money/accounts/bills, land, anything else covered by other policies (motor vehicles, aircraft, watercraft)