Property and Casualty Insurance Practice Exam

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What is the deductible for the Emergency Flood Insurance Plan?

$500
$1,000
$2,000
$5,000

The correct answer is: $1,000

The deductible for the Emergency Flood Insurance Plan is typically set at $1,000. This plan is designed to provide immediate coverage in the event of a flood, allowing property owners to access insurance benefits more quickly during a disaster. The designated deductible of $1,000 means that policyholders will be responsible for covering the first $1,000 of any loss before the insurance coverage kicks in. In the context of flood insurance, setting a manageable deductible helps ensure that policyholders can afford to meet their responsibilities without discouraging them from obtaining necessary flood protection. This is especially important in emergency scenarios, where timely assistance is critical for recovery efforts. Therefore, the choice of a $1,000 deductible is consistent with the goals of the Emergency Flood Insurance Plan.