Online Courses Financial Compliance Banking Compliance The National Flood Insurance Program

The National Flood Insurance Program

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What you'll learn

The National Flood Insurance Program: Flood Insurance Overview
The National Flood Insurance Program: The Private Flood Insurance Rule

Description

The National Flood Insurance Program, or NFIP, was created to help the U.S. deal with the impact of flooding. Two statutes, The National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, govern the NFIP. Congress established this program in response to growing flood losses that strained insurance companies and escalated the costs of disaster relief to U.S. taxpayers. In this course, we'll talk about the goals of the NFIP and how community participation in the program works. We'll also discuss NFIP coverage.

System Requirements

• Windows 7 and newer
• Mac OS 10 and newer
Supported Browsers:
The current and previous major releases of the following browsers
• Safari v11 and higher
• Firefox v65 or higher
• Chrome v70 and higher
• Microsoft Edge v42 and higher
• Internet Explorer v11 and higher (Windows only- may exhibit visual differences from other
browsers)
Computer Speed and Processor:
• Use a computer 5 years old or newer when possible.
• 1GBofRAM
• 2GHz processor

Author

HSI - Health & Safety Institute

2060 Courses

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The National Flood Insurance Program

The National Flood Insurance Program: Flood Insurance Overview
The National Flood Insurance Program: Flood Insurance Overview The National Flood Insurance Program, or NFIP, was created to help the U.S. deal with the impact of flooding. Two statutes, The National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, govern the NFIP. Congress established this program in response to growing flood losses that strained insurance companies and escalated the costs of disaster relief to U.S. taxpayers. In this course, we'll talk about the goals of the NFIP and how community participation in the program works. We'll also discuss NFIP coverage.
The National Flood Insurance Program: The Private Flood Insurance Rule
The National Flood Insurance Program: The Private Flood Insurance Rule Concerns regarding long-term fiscal soundness of the NFIP led to Congress passing the Biggert-Waters Flood Insurance Reform Act of 2012. The idea was to stimulate the private flood insurance market by mandating that lenders accept private flood insurance in satisfaction of someone's flood insurance purchase requirement. Although financial institutions were told they needed to accept private flood insurance, there was confusion as to how to implement this mandate. In January of 2019, a long-awaited final rule was approved that implements certain provisions of Biggert-Waters and clarifies the legal standards regarding lenders' acceptance of private flood insurance, going into effect in July of 2019. In this course, we'll discuss what's required under this rule.

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