Other Coverages and Options
The regular National Flood Insurance Program would insure an eligible single-family dwelling for up to...
$250,000
WYO
(Write Your Own) Insurers write the coverage on their own "paper," but the NFIP reinsures 100% of the coverage
How long is the policy period for NFIP flood insurance?
1 year
Johanna purchased a National Flood Insurance policy 10 days after her community entered an emergency program. When would her coverage be effective?
12:01am the day after the application and premium payment are mailed
How long is the waiting period after the application has been accepted before flood coverage goes into effect?
30 days
How long must the applicant wait for the coverage to go into affect once the application has been accepted?
30 days
FEMA
Federal Emergency Management Agency
FIMA
Federal Insurance and Mitigation Administration
NFIP consists of...
Insurance; Floodplain management; Floodplain mapping
NFIP
National Flood Insurance Program
Who would participate in a Write Your Own (WYO) flood insurance program?
Private insurers that wish to write and service National Flood insurance policies on an no risk-bearing basis
What statement is NOT true regarding a boatowners policy
Replacement for the boat listed in the Declarations are automatically covered, if the insured notifies the insurer within 60 days and pays the additional premium
What type of insurance can be obtained through a surplus lines insurer?
coverage that is unavailable through authorized insurers
What is true regarding a risk retention group?
it is a liability insurance company owned by its members
What would NOT be considered causes for flood conditions covered by the National Flood Insurance Program
landslides
Coverage for drones, remotely piloted aircraft systems, is usually broken up into what two parts?
liability and hull damage
A boatowners policy does NOT cover
nuclear hazards
Section | of boatowners policy covers...
physical damage
What statement is INCORRECT with regard to surplus lines insurance?
policies written by a surplus lines insurer typically contain standard coverages and forms
What is the term which best describes when a person develops a formal program identifying, evaluating, and funding its losses?
self-insuring
What would NOT be considered a flood?
sewer backup
Insurance procured from an unauthorized insurer is called
surplus lines insurance
An insured invited his neighbors out for a day on the water in his boat powered with 150 hp outboard motor. While attempting to tie the boat to dock, his neighbor's hand is broken when caught between the boat and dock. What coverage would apply to the broken hand?
the insured's boatowners policy
What is true regarding single dwellings that are insured to at least 80% of the replacement value?
they are automatically provided with replacement cost coverage
How much coverage can be available for watercraft damage in the homeowners policy?
up to $1,500
