Who sets the flood insurance coverages and premium rates, and are they the same regardless of which insurer issues the policy?

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Multiple Choice

Who sets the flood insurance coverages and premium rates, and are they the same regardless of which insurer issues the policy?

Explanation:
Flood insurance under the NFIP is administered by FEMA. They establish the coverages and the premium rates using standardized rating schedules. Because those rates are uniform nationwide, the premium is the same no matter which participating insurer issues the policy. The insurer acts as the seller and administrator of the policy but does not set the rates. The choices that attribute setting or rate differences to the state, community, or the insurer are not applicable to NFIP flood coverage.

Flood insurance under the NFIP is administered by FEMA. They establish the coverages and the premium rates using standardized rating schedules. Because those rates are uniform nationwide, the premium is the same no matter which participating insurer issues the policy. The insurer acts as the seller and administrator of the policy but does not set the rates. The choices that attribute setting or rate differences to the state, community, or the insurer are not applicable to NFIP flood coverage.

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