[15 Test Answers] FEMA IS-1117: Severe Repetitive Loss for Agents

Here are the FEMA test answers to IS-1117: Severe Repetitive Loss for Agents.

Overview: The FEMA IS-1117 course was published on 10/1/2019 to provide insurance agents the ability to navigate the National Flood Insurance Program (NFIP) Severe Repetitive Loss (SRL) transfer process.

The IS-1117 course includes an overview of the SRL program, rating ramifications, the appeals process, and a review of the agent’s SRL Checklist.

FEMA IS-1117 test answers

Each time this test is loaded, you will receive a unique set of questions and answers. The test questions are scrambled to protect the integrity of the exam.

1. ______ or more separate claim payments (building payments only) where the total payments exceed the current value of the property meets one of the criteria of a Severe Repetitive Loss property designation. 
A. Two
B. Four
C. One
D. Three

2. Property owners can contact their ______ to obtain additional information on the Flood Mitigation Assistance Grant Program and other mitigation grant programs for residential and non-residential properties. 
A. local newspaper
B. insurance agent
C. United Way website
D. local floodplain manager

3. If multiple losses occur at the same location within _____ days of each other, this counts as one loss. 
A. 20
B. 45
C. 10
D. 30

4. Repetitive loss properties make up ______ of the nearly 5 million active NFIP policies nationwide. 
A. one-third
B. nearly half
C. all
D. a small fraction

5. A single-family dwelling has two flood claims within ______ days. For the purposes of the SRL designation, this counts as one claim payment. 
A. 14✅
B. 10
C. 16
D. 12

6. The states, territories, or tribes that receive Flood Mitigation Assistance (FMA) grants provide sub-grants to _______. 
A. real estate professionals
B. local governments or communities
C. approved contractors
D. future policyholders

7. The WYO company notifies the affected insured, agent, and lender _____ days before expiration of the policy. 
A. 90
B. 150
C. 10
D. 45

8. Documentation needed for an appeal of the SRL designation based on an invalid Loss History Association includes the following: 
A. The policyholder’s tax return
B. Documentation that shows incorrectly linked addresses and/or losses
C. The loss history of a neighbor’s home
D. An incorrect building permit

9. What is the most common and costly type of natural disaster in the United States? 
A. Wildfires
B. Tornadoes
C. Flooding
D. Earthquakes

10. When the insuring company or the NFIP finds a building to be a Severe Repetitive Loss property, what must the insurer do? 
A. Notify the policyholder that the policy will not be renewed.
B. Notify the affected community’s floodplain manager.
C. Submit the completed application and the required documentation to the NFIP Special Direct Facility.
D. Immediately terminate the policy and refund the payment pro rata.

11. Which entity is ineligible for Flood Mitigation Assistance grants? 
A. Tribes
B. States
C. Canada
D. U. S. Territories

12. What document(s) can be used to demonstrate the Fair Market Value of a property? 
A. Homeowner insurance policy
B. Elevation Certificate
C. Kelly Blue Book
D. Property tax assessment

13. The WYO notifications to the affected insurance agents, the affected mortgage lender, and the ______ explain that the policy must be written with the Special Direct Facility (SDF). 
A. policyholder
B. community’s floodplain manager
C. Special Direct Facility

14. The WYO notifications to the affected insurance agents, the affected mortgage lender, and the ______ explain that the policy must be written with the Special Direct Facility (SDF). 
A. policyholder
B. community’s floodplain manager
C. Special Direct Facility

15. What is a valid reason for an insured to appeal an SRL designation? 
A. The claims loss history is inaccurate.
B. A new FIRM moves the building out of an SFHA.
C. The value of the property is over $250,000.
D. The property is sold.