Understanding the National Flood Insurance Program (NFIP)
Understanding the NFIP has been constructed to provide 5 continuing education credit hours in the concept of Property & Casualty for insurance professionals. Course approval number: 220875
Property & Casualty Continuing Education
Title Page
Course Description
Course Objectives
Introduction
History and Purpose of the NFIP
The Birth of the NFIP
Legislative Milestones in the Evolution of the NFIP
The Purpose of the NFIP
The Role of FEMA in Managing the NFIP
Overview of Flood Risk and its Financial Obligations
Understanding Flood Risk
Financial Obligations under the NFIP
Challenges and Considerations
Community Participation Requirements
Why Community Participation Matters
Steps for a Community to Join the NFIP
Community Responsibilities After Joining the NFIP
Benefits of Community Participation
Consequences of Non-Compliance
Chapter 1 Quiz
Introduction
General Structure of NFIP Policies
The Basic Framework of NFIP Policies
Building Coverage
Contents Coverage
Key Features of NFIP Policies
Special Considerations
Who Needs NFIP Coverage?
Types of Coverage: Building and Contents
Common Exclusions and Limitations
Deductibles
Special Considerations for Condominiums and Businesses
Condominiums and the NFIP
Businesses and the NFIP
Deductible
Chapter 2 Quiz
Introduction
How Flood Zones are Determined (FIRM Maps)
Creation of FIRMS
Base Flood Elevation
Local and State Authorities
Flood Maps
Elevation Certificates and Their Role
Base Flood Elevation
Purpose of Elevation Certificate
Commercial Properties and Residential Structures
Summary of Elevation Certificate
Risk Rating 2.0: Equity in Action
How is Risk Rating 2.0 Different?
Risk Rating 2.0: Flood Mitigation
Risk Rating 2.0: Transparency
Risk Rating 2.0: Gradual Implementation
Goal of Risk Rating 2.0
Premium Calculation and Rating Factors
Property Elevation
Climate Change
Age and Structure
Flood Zone Designation
Risk Rating 2.0 Impact on Premiums
Summary of Premium Calculation
Private Flood Insurance vs. NFIP
Private Flood Insurance
Pricing Structure
Claims Process
Private Flood Insurance Availability
Summary of Private Flood Insurance vs. NFIP
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