6.7 National Flood Insurance FINAL EXAM

A Base Flood is a flood having a 1 percent chance of being equaled or exceeded in any given _______.

The building coverage available under the NFIP for a qualifying single family dwelling is $100,000 base, $100,000 additional, for a total of $200,000.

The contents coverage available under the NFIP for a residential property is $________ base, and an additional $_________ .

The dwelling form may be used to insure all but which of the following?

A building built entirely over water prior to what year is eligible for coverage, but must first be submitted to the NFIP for a rate?

If the premium received is insufficient for the requested coverage, the NFIP will send a bill for the additional premium, if discovered prior to a loss.

Included in the ″concealment or fraud″ condition are the following:

According to the dwelling form, the proof of loss is to be returned to the NFIP within ___________ after the NFIP requests it.

The standard NFIP deductible for a post-FIRM building is $__________.

The dwelling form applies 10 percent of coverage A building to a detached garage. This is additional insurance.

Which of the following items are NOT covered in a basement:

A special limit of $_______ applies to firearms in the dwelling form.

If a tenant elects to extend 10 percent of personal property coverage toward improvements, this will ____________ the amount of personal property coverage.

The dwelling form’s limit for debris removal does not increase the coverage A or B limit of liability.

The standard homeowners form provides additional living expense coverage, but the dwelling form does not.

Just as ″ordinance and law″ is an additional amount of insurance equal to 10 percent of coverage A dwelling, so is ICC an additional amount of insurance equal to 10 percent coverage A building.

The qualifications for ICC coverage include all but one of the following:

ICC coverage will not provide coverage for which of the following costs related to respsonding to pollutants?

The loss settlement available for an insured’s seasonal residence is one of the following:

The unit owner purchasing personal property coverage on a dwelling form may elect to:

A condominium association may differ from a homeowners association in that the condo association may be responsible for insuring fixtures and alterations within the individual units.

The RCBAP may be used to insure:

The maximum limit a residential condominium building may be insured for is replacement cost, or the total number of units times $___________, whichever is less.

The amount of ICC coverage available on the RCBAP is:

The ″other insurance″ provision on the RCBAP states that the RCBAP is excess over any other insurance covering the same loss.

Loss assessment for a unit owner may be found in the:

In computing replacement cost for a RCBAP, only the value of improvements installed by the condominium association should be included.

The following are covered under the RCBAP:

The National Flood Insurance Program was passed to assist:

Non-Residential includes all of the following except:

The Dwelling Policy Form may be issued to:

A policy in which the insured and the insurer agree on the ________ of the property insured.

A political entity that has the authority to adopt and enforce floodplain ordinances for the area under its jurisdiction is a:

Replacement cost, actual cash value, and special loss settlement are:

_________ days after the signed, sworn proof of loss is received, the insurer may repair, rebuild, or replace any part of the lost, damaged, or destroyed property with material or property of like kind and quality or its functional equivalent

A wall that is not part of the structural support of the building and is intended through its design and construction to collapse under specific lateral loading forces, without causing damage to the elevated portion of the building or supporting foundation system.

There will be _________ coverage until the building is walled and roofed if the lowest floor, including the basement floor, of a non-elevated building or the lowest elevated floor of an elevated building.

The cost to replace property with the same kind of material and construction without deduction for depreciation:

If the cost to repair or replace is more than $1,000 or 5 percent of the applicable limit of insurance, the insurer will:

An incidental office, professional, private school, or studio occupancies, including a small service operation, are permitted in a ________ if such incidental occupancies are limited to less than 50 percent of the building’s total floor area.

Building means a structure with___________ or more outside rigid walls and a fully secured roof, that is affixed to a permanent site.

One of the requirements for RCBAP coverage is that at least ________ percent of the area within the building be used strictly for residential purposes. A separate clubhouse will not meet that requirement.)

Buildings built entirely over water prior to _________________ , must be submitted to the NFIP for rating.

Building coverage purchased under individual Dwelling Forms _________ be added to RCBAP coverage in order to avoid the coinsurance penalty.

The cost of bringing the building into compliance with local codes (law and ordinance) __________ included in the calculation of replacement cost.

Coverage for expenses a property owner must incur, above and beyond the cost to repair the physical damage the structure actually sustained from a flooding event, to comply with mitigation requirements of state or local floodplain management ordinances or laws.

Which of the following was issued by the NFIP Direct Program in response to a presidential disaster declaration?

If there is no basement, which should not be taken into account in determining replacement cost?

Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides:

Fixtures, alterations, installations, or additions comprising a part of the residential condominium building are:

A principal residence is one in which the insured or spouse has lived there at least ______________ of: the 365 days immediately preceding the loss; or, the period of the insured’s ownership, if the insured has owned the dwelling for less than 365 days.