NFIP Exam Questions With Correct Answers

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 insurance claims are submitted for what type of property? - Answer Property in a NSFHA Agents and WYO insurers must record all of the following information in connection with premium payments EXCEPT - Answer The application date All of the following categories of federal individual assistance are available in the event of a Major Disaster Declaration by the President EXCEPT - Answer Public assistance Your client's home suffered flood damage. Which of the following items of property would be insured by the SFIP if it was located in the basement? - Answer Furniture Under the SFIP, what is a river of liquid and flowing mud that IS included in the definition of "flood"? - Answer Mudflow All of the following are subject to 25% annual rate increases under the HFIAA except - Answer Primary residence The Elevation Certificate is used for all of the following reasons EXCEPT - Answer As proof of insurance Under the SFIP, all of the following are considered Property Not Covered EXCEPT - Answer Bathroom fixtures Which of the following statements is a TRUE statement about an Elevation Certificate (EC)? - Answer A new property owner may use the previous owner's EC Special loss settlement applies to which of the following types of buildings? - Answer Manufactured home Under Coverage A of the SFIP, what type of appurtenant structure may ONLY be insured by the Dwelling Form? - Answer Detached garage Which of the following statements BEST describes the NFIP's use of binders? - Answer It does not recognize binders