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
Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellaneous debts. These primary liabilities take the form of reserves, which must be listed on ...
Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...
Coverage on an all risks basis, subject to exclusions of war, wear and tear, loss resulting from delay, loss of market, infidelity of the insured's employee, loss due to rain, sleet, snow, ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
To place insurance in force on an individual, individuals, or an organization. ...
Physician who conducts physicals of applicants for life and/or health insurance. This physician is selected by the insurance company at its expense. ...
Contract providing a monthly income benefit to members of a group of employees. A group annuity has the same characteristics as an individual annuity, except that it is underwritten on a ...
Same as term : Self Insurance: protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are ...
Total of the insurance company's mortgages whose interest has not been paid for at least three months. These are mortgages upon which the insurance company is in the process of foreclosing, ...
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