GA Claims Adjuster Licensing Exam
What coverage does Community Eligibility apply to?
Flood insurance through FEMA
What's the difference between Emergency Program and Regular Program in
the National Flood Insurance Program?
Emergency applies to homes in communities that are a normally not a flood
hazard. Regular programs are awarded to an entire community that is eligible
due to flood hazard.
hat is the flood coverage on a regular program in a 1-4 Family Dwelling?
$250,000
On what policy can you add the Flood Program endorsement?
None! It has its own policy through the Federal Government.
Difference in Conditions (DIC) Insurance
,A separate insurance policy that provides open-perils coverage to fill in the
gaps left by flood coverage if a home is worth over $250K. Coverage is
produced through Excess/Surplus Lines.
What is the waiting period on NFIP coverage?
30 days after policy purchase
What is the coverage change waiting period for the NFIP?
5 days
Give examples of the flood peril
- an overflow of inland or tidal waters
- unusual or rapid accumulation or runoff of surface waters
-Mudflow or Mudslide
- Collapse of land along the shore of a lake as a result of erosion
What kinds of things does flood insurance cover?
Your house and your things (dwelling and personal property). No indirect
charges.
,Dwelling coverage extension for flood insurance covers what? How much is it?
Structures not attached to dwelling (O.S. or Appurtenant structures). 10% of
Dwelling limit. ***It is an extension of coverage, NOT the $250K limit so any
coverage needed here will reduce the amount able to go to the dwelling.
Contents coverage of flood insurance is limited to what?
Personal property damaged or destroyed by the flood itself and belongs to
insured and resident spouse/relatives. The insured is liable for content of
others.
What are the coverages of flood insurance?
Dwelling, Contents, Debris Removal
How are damaged items valued in flood coverage?
Dwelling - replacement cost
Contents - Actual Cash Value
, What kind of property is not covered by flood insurance?
Basements and underground structure (ex. septic tanks), animals,
money/accounts/bills, land, anything else covered by other policies (motor
vehicles, aircraft, watercraft)
Loss Valuation on flood insurance
(amount of insurance purchased/80% Dwellings Total replacement cost) x Loss
Amount
Standard deductible on flood insurance
$1K for Dwelling and $1K for Content
Personal Inland Marine Insurance
Floaters or policies for world-wide coverage of personal property on an open-
peril basis.
Is flood excluded from Personal Inland Marine Insurance?
NOPE. It's covered!
What coverage does Community Eligibility apply to?
Flood insurance through FEMA
What's the difference between Emergency Program and Regular Program in
the National Flood Insurance Program?
Emergency applies to homes in communities that are a normally not a flood
hazard. Regular programs are awarded to an entire community that is eligible
due to flood hazard.
hat is the flood coverage on a regular program in a 1-4 Family Dwelling?
$250,000
On what policy can you add the Flood Program endorsement?
None! It has its own policy through the Federal Government.
Difference in Conditions (DIC) Insurance
,A separate insurance policy that provides open-perils coverage to fill in the
gaps left by flood coverage if a home is worth over $250K. Coverage is
produced through Excess/Surplus Lines.
What is the waiting period on NFIP coverage?
30 days after policy purchase
What is the coverage change waiting period for the NFIP?
5 days
Give examples of the flood peril
- an overflow of inland or tidal waters
- unusual or rapid accumulation or runoff of surface waters
-Mudflow or Mudslide
- Collapse of land along the shore of a lake as a result of erosion
What kinds of things does flood insurance cover?
Your house and your things (dwelling and personal property). No indirect
charges.
,Dwelling coverage extension for flood insurance covers what? How much is it?
Structures not attached to dwelling (O.S. or Appurtenant structures). 10% of
Dwelling limit. ***It is an extension of coverage, NOT the $250K limit so any
coverage needed here will reduce the amount able to go to the dwelling.
Contents coverage of flood insurance is limited to what?
Personal property damaged or destroyed by the flood itself and belongs to
insured and resident spouse/relatives. The insured is liable for content of
others.
What are the coverages of flood insurance?
Dwelling, Contents, Debris Removal
How are damaged items valued in flood coverage?
Dwelling - replacement cost
Contents - Actual Cash Value
, What kind of property is not covered by flood insurance?
Basements and underground structure (ex. septic tanks), animals,
money/accounts/bills, land, anything else covered by other policies (motor
vehicles, aircraft, watercraft)
Loss Valuation on flood insurance
(amount of insurance purchased/80% Dwellings Total replacement cost) x Loss
Amount
Standard deductible on flood insurance
$1K for Dwelling and $1K for Content
Personal Inland Marine Insurance
Floaters or policies for world-wide coverage of personal property on an open-
peril basis.
Is flood excluded from Personal Inland Marine Insurance?
NOPE. It's covered!
