National Flood Insurance Program
Coverage against flooding for personal and business property under the National Flood Act of 1968, which encourages participation by private insurers in the program through an industry flood insurance pool. Property insurance companies with assets of $1 million or more may become members, either as risk bearers (who may issue their own policies) or as nonrisk bearers (who are limited to act as fiscal agents for the pool, and hence must use a syndicate-type policy as dictated by the pool). National Flood Insurance makes reasonable coverage available to those who could not buy it through private insurers before the 1968 act, and it encourages maximum participation extent by the private sector.
Popular Insurance Terms
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
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Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
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Organization of trial attorneys who specialize in the representation of defendants who become subject to tort actions. Generally, these tort actions involve bodily injury or personal injury ...
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