Federal Flood Insurance: Upton-jones Amendment
Amendment that modifies the federal flood insurance program by providing relocation and acquisition coverage for structures in imminent danger from an encroaching shoreline. This amendment enables the Federal Flood Insurance Program to pay up to 40% of the policy to property owners who relocate structures in imminent danger and up to 110% of the policy to property owners who demolish those structures and remove the debris. A prerequisite for the property owner to receive these funds is for the property structures to be declared uninhabitable by the local permit authority and to be subject to erosion or to be within the geographical boundaries of an erosion zone that has been included in a program approved by the state. Under the Federal Flood Insurance Program, residential structures on the shore can be insured against floods for a maximum amount of $185,000 and $60,000 coverage for contents within the structure.
Popular Insurance Terms
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Legal power of the commissioner of Internal Revenue to approve any classification of employees that does not discriminate in favor of a prohibited group. Such approval is necessary before a ...
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Formal, written, legal statement listing the provisions of an EMPLOYEE BENEFIT INSURANCE PLAN. ...
Modified guaranteed investment contract (GIC) in which the underlying assets of the synthetic contract are owned by the plan itself rather than the insurance company as is the case with the ...
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In property insurance, amount that an insured does not have to pay when a loss exceeds a predetermined sum; here the insurance company pays more than 100% of the loss, so that the ...
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