IS-1101.B: Basic Agent Tutorial Course Answers


An elevated building has no basement and has its lowest elevated floor raised above the ground by foundation walls, shear walls, posts, piers, pilings, or columns.

  • True
  • False

The Residential Condominium Building Association Policy (RCBAP) has to be insured to at least ______ of the RCV, or to the maximum limits available, to avoid a co-insurance penalty.

  • 0.6
  • 0.7
  • 0.8
  • 1

Replacement Cost Value loss settlement is guaranteed as part of the Standard Flood Insurance Policy.

  • True
  • False

When FIRMs change, what grandfathering options do property owners have?

  • Use the new FIRM to rate the building
  • Use the rating structure of a policy that lapsed 5 years ago
  • Use the old Flood Hazard Boundary Map
  • Use the BFE in effect when the building was originally constructed

Actual Cash Value is the cost to replace property with the same kind of material and construction without deduction for depreciation.

  • True
  • False

A basement is defined as any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides.

  • True
  • False

What important flood-insurance-related information is shown on a FIRM?

  • Flood zones
  • Addresses of previously flood-damaged buildings
  • Completed Elevation Certificates
  • Location of state-insured buildings

A flood is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from, for example:

  • Earthquake
  • Mudflow
  • Landslide
  • All of the above
  • None of the above

Which of these items is covered in a basement?

  • Flat-screen television
  • Refrigerator
  • Window air conditioning units
  • Carpeting

Post-FIRM refers to construction or substantial improvement that started on or before December 31, 1974 or before the effective date of the initial FIRM for the community, whichever is later.

  • True
  • False

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