Nfip Study guides, Class notes & Summaries

Virginia Property and Casualty Exam (Latest 2024/ 2025 Update) Practice Questions and Verified Answers| 100% Correct| Grade A Q: If information on consumer reports differs from an applicant's statements and causes the insurer to reject the application, the insurer has made a/an: A. Adverse underwriting decision B. Unfair decision C. Unfair discriminatory decision D. Negative underwriting decision Answer: A. Adverse underwriting decision Q: Identify a federal law that...

NFIP Exam With 100% Correct Answers 2023

NJ Property/ Casualty Insurance Exam 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 floo...

TEST FOR ADJUSTER PRO, FLORIDA STUDY(QUESTIONS AND ANSWERS)A+ GRADED EXAM 2023-2024 - CORRECT ANSWER-Subtract the deductible from covered damages to get indemnification - CORRECT ANSWER-6 unique characteristics of insurance policy 1 Contracts of adhesion (court ez win) 2 Utmost good faith 3 aleatory 4 personal 5 Unilateral (only insurer has obligation) 6 Conditional - CORRECT ANSWER-1945 regulate insurance Naic doesn't give benefits to comissioners 90 day to pay hijacking on...

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...

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? Correct Answ...

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...

NFIP Flood Insurance Exam Questions and Answers

NFIP Flood Insurance

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...