Other Coverages and Options

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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


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