Memorization - Flood Insurance Issues/Barriers
Here's a temporary mnemonic for the flood insurance issues/barriers until someone thinks of a good one!
Rearrange them to spell SNAP & RBC. Tsunamis can lead to devastating floods and can occur instantly - in a SNAP . In addition, catastrophes (such as floods) can be devastating to an insurer's RBC ratio if surplus is depleted.
Subsidization by NFIP
Non- Compete clause
Accurate assessment of flood risk
Broad Coverage (at least as)
Continuous coverage requirement
I don't have a mnemonic for addressing these issues. If asked on the exam, and we're able to remember the above issues, hopefully we'll be able to recommend solutions to address these.
Good luck everyone!