Unit 9

Question 1

National Flood Ins Program ( NFIP)

Answer 1

makes flood ins available to eligible communities the fed subsidization managed by FEMA

Question 2

Emergency Program

Answer 2

Dwelling - 35k
Contents- 10k
Commercial Building - 100k
Commercial Contents 100k

Question 3

Regular Program

Answer 3

Dwelling- 250k
Contents - 100k
Commercial Building - 500k
Commercial Contents 500k

Question 4

Min Flood Deductibles

Answer 4

Building 1k

Contents 1k

Question 5

Flood

Answer 5

Temp water from natural source
Covers 2+ acres that are usually dry
Mudflow
Water from inside house is not flood

Question 6

Flood Exclusions

Answer 6

Accounts bills, currency, deed, evidences of debt, money, securities, bullion
Lawns, trees, shrubs, plants, crops, livestock
Aircraft, Self propelled vehicles, motor vehicles
Fences, retaining walls. outdoor pool, bulkheads, wharves, piers, bridges, docks, and other open structures on above water
Underground structures and equipment( Wells/ Septic Tanks)
Newly constructed building in/on/over water
Structures that are primarily containers ( gas or liquid storage tanks)

Question 7

Value of Loss

Answer 7

Replacement cost available - must be single family dwelling, insure to 80%, primary residence

Everything else is ACV

Question 8

Write Your Own Program

Answer 8

Insurer writes the policies using its name
NFIP set the rates and underwriting rules
Ins co is aid fee for its expense

Question 9

Applications

Answer 9

Agent doesn’t have binding auth
Initial premium paid in full
30 day waiting period ( Waived if purchase prop has mortgage. Applies to request to increase coverage)

Question 10

Mobile Homes

Answer 10

Endorsement
Can be separate policy
Insures home, other structures (10%) and contents
Person Prop ( 40% of dwelling covergae)
Loss of use (20%)
Perm foundation

Question 11

Personal Inland Marine

Answer 11

provides coverage for your personal property that may not be covered under the traditional homeowners’ insurance policy

Question 12

Personal Articles Forms

Answer 12

Provides coverage for 9 specific categories: furs, artwork, jewelry, cameras and equipment, musical instruments, silverware and stamp/coin collections

25% of coverage max 10k

Question 13

Personal effects Floaters

Answer 13

(Traveler’s Baggage)

Travelers ins

Question 14

Boatowners

Answer 14

Less than 26 ft

Covers boat, motor, and trailer (accessories can be added)

Question 15

Yacht

Answer 15

26 ft+

Includes coverage for boat, trailer, and protection and indemnity ( Liability)

Question 16

Umbrella Insurance

Answer 16

Large $ Amt of excess liability (1mill+)

Requires primarily underlying policies to be in force (auto, homeowners, not)

Excess coverage

( If no primary coverage umbrella only pay excess as normal)