Description
This course covers FEMA’s training requirement for agents interested in selling flood insurance under the National Flood Insurance Program (NFIP). It discusses the steps communities can take to become eligible for this important type of insurance. It discusses the types of property owners who are required to have flood insurance when owning property in high-risk areas or getting a mortgage or maintaining eligibility for flood assistance. It discusses flood maps, the different policy forms, loss settlements, rating, and the claims process.
Learning Objectives
After you have completed this course, you will be able to . . .
• Describe a flood and the National Flood Insurance Program (NFIP) that is designed both to reduce flood risk and to provide insurance resources to recover when a flood does occur;
• Discuss community participation in the NFIP and how that relates to the Emergency Program, Regular Program, Community Rating System (CRS), and other programs;
• Identify property owners who need flood insurance either as a requirement of getting a mortgage on the property, to otherwise respond to flooding risk, and discuss the relationship of flood insurance to federal disaster assistance;
• Explain the types of flood maps and their relationship to the need for flood insurance, the cost of flood insurance, and the role of individual and community flood mitigation efforts;
• List the NFIP flood insurance policy types and describe what they cover and when they are effective;
• Discuss how a flood loss would be computed under the NFIP;
• List the rating factors that go into determining the premium of a policy and choices that a policyholder can make regarding the coverage;
• Describe the claims-handling process, responsibilities of the policyholder, the appeal process, and the producer’s responsibilities; and
• Discuss the information you are required to give your client when you sell them an NFIP policy.