Certified Floodplain Manager (CFM) Practice Exam

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What does PRP stand for in insurance terms?

  1. Premium Risk Provision

  2. Preferred Risk Policy

  3. Policy Renewal Procedure

  4. Public Relations Program

The correct answer is: Preferred Risk Policy

PRP stands for Preferred Risk Policy in insurance terms. This is a type of insurance policy that offers coverage to individuals who are considered less likely to make a claim or have a lower risk profile. This means that their premiums may be lower compared to individuals with higher risks. The other options are incorrect because - A: Premium Risk Provision is not a commonly used term in insurance and does not relate to the acronym PRP. - C: Policy Renewal Procedure is a general term used to describe the process of renewing an insurance policy, but it does not specifically relate to the acronym PRP. - D: Public Relations Program has no relation to insurance terms and is a term used in marketing and communications.

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