Key Fundamentals of Flood Insurance for Agents 2.0

Key Fundamentals of Flood Insurance for Agents 2.0 (Part 1):

This session is the first part of a two-part course on the National Flood Insurance Program (NFIP). It includes the topics listed in a Federal Register^[1] notice on training and education requirements related to Section 207 of the Flood Insurance Reform Act of 2004, otherwise known as FIRA 2004.

It brings participants the latest information on the NFIP as it reviews the key elements that insurance agents need to know about how the NFIP works. It also discusses many of the federal flood program's general rules such as:

• The definition of a flood
• Who can buy flood insurance
• Who must purchase flood insurance
• Amount of insurance available
• A review of flood zones and flood risk

Key Fundamentals of Flood Insurance for Agents 2.0 (Part 1) also discusses the program’s key rating variables through a case study approach that takes participants through each variable necessary to rate a policy under Risk Rating 2.0.

Key Fundamentals of Flood Insurance for Agents 2.0 (Part 2):

This session is a continuation of Key Fundamentals of Flood Insurance for Agents 2.0 (Part 1). It begins where Part 1 ends as it continues to provide the latest information on the National Flood Insurance Program. Key Fundamentals of Flood Insurance for Agents 2.0 (Part 2) is the second part of a two-part course on the National Flood Insurance Program. Both parts must be completed to meet the FIRA 2004 training and education requirement.

This session continues the rating case study introduced in Key Fundamentals of Flood Insurance for Agents 2.0 (Part 1) and takes participants through the rest of the program’s rating variables. Other rating considerations are also explained such as:

• Newly Mapped discount
• Pre-FIRM discount
• Proper flood opening discount
• Machinery and Equipment discount

The second portion of this session also includes a review of major coverage areas of the Standard Flood Insurance Policy, including an overview of loss settlement provisions in the NFIP.

^[1] On September 1, 2005, the Federal Emergency Management Agency published a notice advising all insurance agents who sell Standard Flood Insurance Policies issued through the NFIP of training and education requirements, as advised by Section 207 of the Flood Insurance Reform Act of 2004.

COURSE HANDOUTS: