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Understanding Flood Insurance: Types, Coverage, and Limitations, Exams of Advanced Education
A comprehensive overview of flood insurance in the united states, covering the two main types of flood insurance policies (nfip emergency program and nfip regular program), the creation of the national flood insurance program (nfip) through the national flood insurance act of 1968, the ability to obtain flood insurance through private insurers under the 'write your own' program, the requirements for communities to participate in the nfip, the policy periods and waiting periods for flood insurance coverage, the standard deductibles and coverage limits for both the emergency and regular programs, as well as the exclusions under flood insurance policies. The document also highlights that the only type of dwelling that can be insured for replacement cost is a single-family home, while all other types of properties are paid on an actual cash value (acv) basis.
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FLOOD INSURANCE
WHAT ARE THE TWO TYPES OF FLOOD INSURANCE? - Answer- NFIP PROVIDES AN EMERGENCY PROGRAM AND REGULAR PROGRAM HOW WAS THE NFIP CREATED? - Answer- BY THE PASSAGE OF THE NATIONAL FLOOD INSURANCE ACT OF 1968 CAN YOU OBTAIN FLOOD INSURANCE THROUGH PRIVATE INSURERS? - Answer- YES UNDER THE "WRITE YOUR OWN" PROGRAM AND THEY ARE 100% REIMBURSED BY THE GOVERNMENT WHAT IS REQUIRED BY COMMUNITIES TO OBTAIN NAT'L FLOOD INSURANCE? - Answer- THEY MUST BE WILLING TO ADOPT FLOOD CONTROL MEASURES AND RESTRICT OR PROHIBIT BUILDING IN HAZARDOUS AREAS HOW LONG ARE POLICY PERIODS FOR FLOOD INSURANCE? - Answer- FOR 1 OR 3 YEARS WHAT IS THE WAITING PERIOD FOR COVERAGE? - Answer- 30 DAYS WHAT IS THE STANDARD DED UNDER THE EMERGENCY PROGRAM FOR BUILDING AND CONTENTS? - Answer- EACH COVERAGE HAS A SEPARATE DED OF $ WHAT IS THE STANDARD DED UNDER THE REGULAR PROGRAM FOR BUILDING AND CONTENTS? - Answer- EACH COVERAGE HAS A SEPARATE DED OF $ WHAT IS LIMIT FOR SINGLE FAMILY HOME UNDER EMERGENCY PROGRAM? - Answer- $35, ($10,000 FOR CONTENTS) WHAT IS LIMIT FOR SINGLE FAMILY HOME UNDER REGULAR PROGRAM? - Answer- $250, (100,000 FOR CONTENTS) EXCLUSIONS - Answer- CROPS, SHRUBS, LIVESTOCK, VEHICLES, SWIMMING POOLS
WHAT IS THE ONLY TYPE OF DWELLING THAT CAN BE INSURED FOR
REPLACEMENT COST? - Answer- SINGLE FAMILY DWELLINGS. ALL OTHERS PAID ON AN ACV BASIS