Nfip 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...

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 ...

The three standard flood insurance policy coverage forms available are the: - Answer dwelling form general property form residential condominium building association policy (RCBAP) form Eligibility for coverage - Answer affected by a community's participation in the national flood insurance program and by the type and/or location of the building, structure, or contents to be insured. special flood hazard areas (SFHA) - Answer sometimes informally referred to as the floodplain, have a 1 ...

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...

cause more property damage in the United States than any other type of natural disaster. - Answer Floods created by the federal government to fill the gap left by the private insurance industry, and is administered by the Federal Insurance and Mitigation Administration (FIMA), a part of the Federal Emergency Management Agency (FEMA). - Answer National Flood Insurance Program (NFIP) National Flood Insurance Program (NFIP) consists of 3 main components: - Answer 1. Insurance ; 2. Floodplain...

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...