Chapter 6 Notes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A program created by the government acknowledging that flood insurance did not exist at a price consumers were willing to pay.
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| What is WYO? | show 🗑
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| Who is eligible for flood national flood insurance? | show 🗑
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| show | Emergency and Regular Program
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| Define Emergency Program? | show 🗑
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| show | Second phase of nfip in which community agrees to adopt flood control and land use restrictions. Higher limits available.
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| Maximum amounts of insurance available for flood insurance? | show 🗑
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| show | General Property Form, Residential Condominium Building Association Policy
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| Rules associated with the nfip general property form? | show 🗑
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| show | A) Building Property B) Personal Property C) Other Coverages D) Increased Cost of Compliance
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| Coverage B (Personal Property) can be purchased to cover either? | show 🗑
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| Coverage C (Other Coverages)includes? | show 🗑
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| Coverage C (Other Coverages) pollution coverage pays for up to how much? | show 🗑
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| show | Only covers for compliance relative to floodplain management. Limit is $30k
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| What is REBAP? | show 🗑
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| In what three ways does REBAP differ from the General Property Form? | show 🗑
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| show | Insurance available through insureds outside of the mapped flood zones. It is attached to a commercial property policy.
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| show | Greater variety of property covered, wider range of coverage, can be written to cover at replacement cost of functional valuation.
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| Limits of insurance for flood endorsement (what is difference to other commercial coverage)? | show 🗑
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| show | Insureds are often in area of low probability of quakes and damage is often minor, insureds often underestimate their exposure, insureds are unwilling or able to purchase higher limits.
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| Earthquake and Volcanic coverage consider what period of time as one occurrence? | show 🗑
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| How are deductibles applied to earthquake coverage? | show 🗑
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| How does earthquake coverage pay for "ensuing loss" ie a fire caused by an earthquake? | show 🗑
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| Define a "Difference In Conditions Policy"? | show 🗑
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| List the advantages of purchasing Difference in Conditions Insurance? | show 🗑
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| show | Market is Limited, Not standardized so they could be interpreted differently by the court, Minimum Premium amounts may make it too expensive for smaller insureds.
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| List the 3 types of speciality property policies? | show 🗑
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| Define Highly Protected Risk? | show 🗑
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| Define Layered Property Coverage? | show 🗑
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| show | Dollar amount at which a reinsurer respondes to loss.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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