Difference between revisions of "Flood"
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* <span style="color: green;">'''funding'''</span> for NFIP including mechanisms & concerns about sustainability | * <span style="color: green;">'''funding'''</span> for NFIP including mechanisms & concerns about sustainability | ||
− | * | + | * <span style="color: blue;">'''Biggert-Waters'''</span> flood insurance reform act of 2012 |
: {| class="wikitable" style="width: 1000px;" | : {| class="wikitable" style="width: 1000px;" | ||
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|| '''uninsurability''': <br> - of flood risk | || '''uninsurability''': <br> - of flood risk | ||
|| '''functions''': <br> - NFIP | || '''functions''': <br> - NFIP | ||
− | || '''Biggert-Waters''' | + | || <span style="color: blue;">'''Biggert-Waters:'''</span> <br> - provisions |
| style="background-color: lightgrey;" | | | style="background-color: lightgrey;" | | ||
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| [https://www.battleacts6us.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(08).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2015.Fall #8)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(08).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2015.Fall #8)'''</span> | ||
|| <span style="color: green;">'''funding:'''</span> <br> - NFIP | || <span style="color: green;">'''funding:'''</span> <br> - NFIP | ||
− | || '''Biggert-Waters''' | + | || <span style="color: blue;">'''Biggert-Waters:'''</span> <br> - NFIP premium subsidies |
− | || '''Biggert-Waters''' | + | || <span style="color: blue;">'''Biggert-Waters:'''</span> <br> - NFIP participation rate |
| style="background-color: lightgrey;" | | | style="background-color: lightgrey;" | | ||
Revision as of 21:31, 29 November 2018
Pop Quiz
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- funding for NFIP including mechanisms & concerns about sustainability
- Biggert-Waters flood insurance reform act of 2012
reference part (a) part (b) part (c) part (d) E (2017.Fall #8) funding:
- concerns regarding NFIPparticipation rate:
- why it's low for NFIPparticipation rate:
- how to increasewind coverage under NFIP:
- arguments for & againstE (2017.Spring#8) risk transfer process:
- crop & flood insurance1risk transfer process:
- criticismsE (2016.Fall #9) NFIP challeneges:
- sustainability, assessmentflood plain development:
- ways to reduceE (2016.Spring#9) uninsurability:
- of flood riskfunctions:
- NFIPBiggert-Waters:
- provisionsE (2015.Fall #8) funding:
- NFIPBiggert-Waters:
- NFIP premium subsidiesBiggert-Waters:
- NFIP participation rateE (2015.Spring#9) see Germani.GovtIns
- [Hint: FCC(ES)statutory mandate:
- NFIPmoral hazard:
- impact on NFIPadverse selection:
- impact on NFIPE (2014.Fall #9) funding:
- NFIPfunding:
- social securityNfunding:
- shortfall for NFIPE (2013.Fall #13) ratemaking principles:
- satisfied by NFIP?improvements:
- to NFIP
- 1 See Germani.GovtIns for the crop insurance part of this question.
- N Not specifically discussed in the Horn reading.
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In Plain English!
Intro
Don't bother reading the Summary from the Horn reading. It's confusing. Here's what it covers:
- paragraph 1 (general info)
- purpose of NFIP (flood insurance & mitigation)
- participation in NFIP is voluntary
- paragraph 2 (flood maps)
- FEMA makes FIRMs (FIRMs = Flood Insurance Risk Maps)
- FIRMs identify SFHAs (SFHAs = Special Flood Hazard Areas)
- paragraph 3 (policies)
- there are 3 types of SFIPs (Standard Flood Insurance Policies)
- property owners is SFHAs must buy flood insurance
- property owners in moderate risk areas may buy PRPs (Preferred Risk Policies) that are cheaper
- paragraph 4 (premiums)
- should reflect true costs but some subsidies are available
- paragraph 5 (suspension from NFIP)
- probation or suspension from NFIP makes it hard to get disaster relief
- paragraph 6 (NFIP funding)
- funded by congressional appropriations and premiums
- NFIP owes treasury $25b (serviced by NFIP, not taxpayers)
- repayment schedule is uncertain (NFIP may not be sustainable)
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BattleCodes
Memorize:
Conceptual:
Calculational: