Nfip: Flood Insurance Exam Questions (38 Terms) With Verified Definitions Updated 2024

Elevation Certificate {Ans: used often for rating purposes, not required for LOMC's, but can help make a premium lower if BFE is below buildings elevation}NFIP Rate tables {Ans: Used by every agent or underwriting office when rating an NFIP policy}RCBAP {Ans: Residential Condominium Building Association Policy}Flood Insurance Reform Act of 1994 {Ans: }The Office of the Flood Insurance Advocate (OFIA) {Ans: The OFIA can assist with complex flood insurance related inquiries. The OFIA can assist with the following: customers in a "do-loop", customers frustrated with the ICC process, SRL/PRP eligibility verification, cross-directorate issues, potential congressional cases, and potential lawsuits. Please consult a lead before drafting a ticket to the OFIA.}Mortgage loan exception {Ans: Coverage becomes effective at the time of the closing when the initial purchase of flood insurance is in connection with a mortgage loan transaction.}