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
In life insurance, action by an insurance company canceling premium payments by an insured who has been disabled for at least six months. The policy remains in force and continues to build ...
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
Will written totally in the handwriting of that individual whose name appears on the will. ...
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
Same as term: engineering approach; human approach ...
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Mortality table that is a picture of the actual living and/or dying of the population (the universe) upon which the mortality table is based. No additions or subtractions are made to these ...
Expense listed on the Income and Expenditure accounting statement for the unexpired insurance policy owned. ...
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