CFM Flood Insurance & NFIP

Question 1

What federal legislation established the National Flood Insurance Program (NFIP)?

Accepted Answer

The National Flood Insurance Act of 1968

Answer

The Flood Disaster Protection Act of 1973

Answer

The Robert T. Stafford Disaster Relief Act of 1988

Answer

The Biggert-Waters Flood Insurance Reform Act of 2012

Question 2

Under the NFIP, what is the standard maximum building coverage limit for a single-family residential structure?

Accepted Answer

$250,000

Answer

$100,000

Answer

$150,000

Answer

$500,000

Question 3

Which federal agency administers the National Flood Insurance Program?

Accepted Answer

Federal Emergency Management Agency (FEMA)

Answer

U.S. Army Corps of Engineers

Answer

U.S. Geological Survey (USGS)

Answer

Department of Housing and Urban Development (HUD)

Question 4

What is the waiting period before a new Standard Flood Insurance Policy (SFIP) goes into effect?

Accepted Answer

30 days

Answer

No waiting period

Answer

15 days

Answer

60 days

Question 5

A community that fails to enforce NFIP floodplain management requirements may be placed on what status?

Accepted Answer

Probation or Suspension

Answer

Flood Hazard Watch

Answer

Non-Participation Notice

Answer

Emergency Override

Question 6

What does the term 'Write Your Own' (WYO) refer to in the context of the NFIP?

Accepted Answer

A program allowing private insurers to sell and service NFIP policies under their own names

Answer

A program allowing property owners to self-insure against flood losses

Answer

A provision allowing communities to write their own floodplain management ordinances

Answer

A FEMA program for writing flood insurance claim reports

Question 7

Under the NFIP, what is the maximum contents coverage available for a residential building?

Accepted Answer

$100,000

Answer

$50,000

Answer

$150,000

Answer

$250,000