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.
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| What is the National Flood Insurance Program? | show 🗑
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| show | Write Your Own (A program allowing private insurers to write flood insurance under National Flood Insurance Program.
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| show | Property located in communities participating in the nfip.
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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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| show | Regular program is $500k for building and same for personal property in emergency program it is $100k.
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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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| Name the four coverages in property covered secition of nfip Property Covered section? | show 🗑
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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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| Describe Coverage D (Increased Cost of Compliance)? | show 🗑
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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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| What is the ISO Flood Coverage Endorsement? | show 🗑
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| How does the endorsement differ from nfip coverage? | show 🗑
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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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| show | As a stated percentage of either the limit of insurance applicable, or a percentage of the value of the property.
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| show | The most it will pay is the limit on the other covered peril (ie fire).
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| Define a "Difference In Conditions Policy"? | show 🗑
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| show | Cost Effective, no coinsurance, easy to modify, broader coverage
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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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| show | A large property that employees higher standards of loss control in exchange for broader coverage. Generally not cost effective to pay for the level of loss control for smaller properties.
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| show | Buying property coverage in layers with excess levels so one carrier may cover up to 1 million, the next coverage over $1 million.
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| Attachment Point Defined? | show 🗑
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