ANFI 205 UPDATED EXAM SCRIPT QUESTIONS AND
ANSWERS GUARANTEE A+
✔✔The National Flood Insurance Program (NFIP) standard deductible - ✔✔Varies
based on the policy rating and the amount of coverage.
✔✔When producers fail to provide the required full-risk rating information, which one of
the
following rates can be used to generate a policy with coverage limits based on the
actual
premium received? - ✔✔Tentative rates
✔✔A tenant in a commercial warehouse purchased a Standard Flood Insurance Policy
with
personal property coverage only. The tenant's improvements and betterments can be
covered
by - ✔✔Applying 10% of the personal property limit.
✔✔The maximum building and contents limits available for 1-4 family residential
dwellings under
the Preferred Risk Policy (PRP) are - ✔✔$250,000 building/$100,000 contents.
✔✔Which one of the following is an example of an ineligible Preferred Risk Policy
(PRP) property? - ✔✔Condominium association buildings
✔✔The Preferred Risk Policy (PRP) offers low-cost coverage to owners and tenants of
eligible
buildings located in - ✔✔B, C, X, AR, or A99 Zones only.
✔✔A policy written as a standard-rated policy and later found to be eligible for the
Newly Mapped
procedure may be endorsed or canceled and rewritten for how many policy terms? -
✔✔Up to five years from the date of the map revision
✔✔Which one of the following is true when an insured decides to rewrite an existing
policy at the
time of renewal from a Standard policy to a Preferred Risk Policy (PRP)? - ✔✔A 30-day
waiting period will not apply.
✔✔A general rule of rating when conditions are met to be eligible to receive the benefit
from the
"Grandfather rules," is to always use the new map if it will provide - ✔✔A more favorable
premium (lower rate).
, ✔✔Contents owned by individual unit owners in a condominium association located in a
Special
Flood Hazard Area (SFHA) should be insured under which one of the following forms? -
✔✔Dwelling Form
✔✔Non-residential condominium buildings may be insured under which one of the
following policy
forms? - ✔✔General Property Form
✔✔For rating purposes under the Residential Condominium Building Association Policy
(RCBAP),
which one of the following contains five or more units and at least three floors excluding
enclosure? - ✔✔High-rise buildings
✔✔A policy for a risk that fails to meet the eligibility requirements of a Residential
Condominium
Building Association Policy (RCBAP) during a policy term because of a change in the
form of
ownership will be - ✔✔Cancelled and rewritten under the correct form.
✔✔The maximum amount of building coverage that can be purchased on a high-rise or
low-rise
condominium is the lesser of the Replacement Cost Value of the building or $250,000
times the
total number of - ✔✔Units in the condominium building.
✔✔Under the Residential Condominium Building Association Policy (RCBAP), the entire
building is
covered under one policy, including both the common as well as individually owned
building
elements within the units, improvements within the units, and - ✔✔Contents owned in
common.
✔✔Which one of the following items must be included in the notification letter to the
insured on a
provisionally rated policy? - ✔✔Limited reformation rights
✔✔Non-residential buildings in any participating community may be floodproofed in lieu
of
elevating in all of the following locations, EXCEPT: - ✔✔V Zones
✔✔In Special Flood Hazard Areas (SFHAs), the Elevation Certificate is required to
properly rate all - ✔✔Post-FIRM buildings.
ANSWERS GUARANTEE A+
✔✔The National Flood Insurance Program (NFIP) standard deductible - ✔✔Varies
based on the policy rating and the amount of coverage.
✔✔When producers fail to provide the required full-risk rating information, which one of
the
following rates can be used to generate a policy with coverage limits based on the
actual
premium received? - ✔✔Tentative rates
✔✔A tenant in a commercial warehouse purchased a Standard Flood Insurance Policy
with
personal property coverage only. The tenant's improvements and betterments can be
covered
by - ✔✔Applying 10% of the personal property limit.
✔✔The maximum building and contents limits available for 1-4 family residential
dwellings under
the Preferred Risk Policy (PRP) are - ✔✔$250,000 building/$100,000 contents.
✔✔Which one of the following is an example of an ineligible Preferred Risk Policy
(PRP) property? - ✔✔Condominium association buildings
✔✔The Preferred Risk Policy (PRP) offers low-cost coverage to owners and tenants of
eligible
buildings located in - ✔✔B, C, X, AR, or A99 Zones only.
✔✔A policy written as a standard-rated policy and later found to be eligible for the
Newly Mapped
procedure may be endorsed or canceled and rewritten for how many policy terms? -
✔✔Up to five years from the date of the map revision
✔✔Which one of the following is true when an insured decides to rewrite an existing
policy at the
time of renewal from a Standard policy to a Preferred Risk Policy (PRP)? - ✔✔A 30-day
waiting period will not apply.
✔✔A general rule of rating when conditions are met to be eligible to receive the benefit
from the
"Grandfather rules," is to always use the new map if it will provide - ✔✔A more favorable
premium (lower rate).
, ✔✔Contents owned by individual unit owners in a condominium association located in a
Special
Flood Hazard Area (SFHA) should be insured under which one of the following forms? -
✔✔Dwelling Form
✔✔Non-residential condominium buildings may be insured under which one of the
following policy
forms? - ✔✔General Property Form
✔✔For rating purposes under the Residential Condominium Building Association Policy
(RCBAP),
which one of the following contains five or more units and at least three floors excluding
enclosure? - ✔✔High-rise buildings
✔✔A policy for a risk that fails to meet the eligibility requirements of a Residential
Condominium
Building Association Policy (RCBAP) during a policy term because of a change in the
form of
ownership will be - ✔✔Cancelled and rewritten under the correct form.
✔✔The maximum amount of building coverage that can be purchased on a high-rise or
low-rise
condominium is the lesser of the Replacement Cost Value of the building or $250,000
times the
total number of - ✔✔Units in the condominium building.
✔✔Under the Residential Condominium Building Association Policy (RCBAP), the entire
building is
covered under one policy, including both the common as well as individually owned
building
elements within the units, improvements within the units, and - ✔✔Contents owned in
common.
✔✔Which one of the following items must be included in the notification letter to the
insured on a
provisionally rated policy? - ✔✔Limited reformation rights
✔✔Non-residential buildings in any participating community may be floodproofed in lieu
of
elevating in all of the following locations, EXCEPT: - ✔✔V Zones
✔✔In Special Flood Hazard Areas (SFHAs), the Elevation Certificate is required to
properly rate all - ✔✔Post-FIRM buildings.
