Memorization - Flood Insurance Issues/Barriers

tubaguytubaguy
in Horn.Flood

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
Participation rates

Regulatory Uncertainty
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! :)

Comments

  • grahamgraham

    Nice! (I've linked the wiki to this post.)

  • bflisakowskibflisakowski
    edited January 21

    I thought of another way to think of this more efficiently now that the Non-Compete clause has been removed - floods can SAP your RBC. I like the other clue, but the SNAP part feels less intuitive. Credit to OP for coming up with that, though!

  • grahamgraham

    Funny! "SAP your RBC". :)

  • jsantosjsantos
    edited September 10

    I've come up with a bit of an absurd mneuomonic for the ways to address the issues that matches SNAP RBC

    What's your ADDRESS? I'm having ISSUES getting to your place so we can RE do our REN (renaissance) fair RP (roleplay)

    Reform the NFIP rate structure
    Eliminate the Non-Compete clause

    Remove personal info from NFIP data
    Expand mandatory purchase requirement
    Nothing (state-specific solutions are better)

    Replace "at least as broad" with "comply with state regs"
    Pass a fed law stating private flood ins counts as continuous coverage

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