Flood Insurance Overview FINAL EXAM (CT 109889)

Why did the private insurance industry give up on providing flood insurance in the 1920s?

What was the NFIP’s intended purpose?

If damage occurs before the effective date on the initial Flood Insurance Rate Map, what program can help cover that damage?

Which system was put into place in order to incentivize behavior that reduces the severity or likelihood of flood damage?

Under the Community Rating System, a 10th class community would have which of the following?

A CRS activity that represents a “Mapping and Regulations” activity credit could include which of the following?

A CRS activity that represents a “Flood Preparedness” activity credit could include which of the following?

What is the goal of the Coastal Barriers Resources Act (COBRA)?

According to the NFIP, who should have flood insurance?

If a property is located in a Special Flood Hazard Area (SFHA), what must a lender require the property owner have before they make, extend, increase, or renew a loan on that property?

Which maps were drafted quickly in the 70s and 80s as a way to provide a rough estimation about which properties probably need flood insurance and which properties have a relatively small chance of flooding?

Which of the following is potentially useful information for agents and policyholders found on a FIRM?

How can a property owner get an elevation certificate for their property?

What is the primary difference between a mudslide and a mudflow?

A Standard Flood Insurance Policy (SFIP) will help cover the costs of which of the following activates?

Why is the Increased Cost of Compliance Coverage a good investment for the NFIP?

Choosing a lower deductible usually results in the policyholder having which of the following?

The cost to replace all or part of a building that is damaged (without depreciation) is known as what kind of value assessment?

If a property owner hears a flood is going to happen in the next week, do they have enough time to get flood insurance?

How would the NFIP classify a building that has no basement and an elevated flood raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns?

In order for a building to have a basement, it must have which of the following?

Which of the following is a good step for a policyholder to take after a flood?

The flood insurance appeals process can do which of the following?

Which piece of legislation was particularly focused on reducing the amount of flood insurance resources that went to a small group of properties that were repeatedly damaged by floods?

What is the purpose of the acknowledgement form required by the Flood Insurance Reform Act of 2004?