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
Plan under which an employee authorizes his or her employer to deduct from each paycheck premiums due on an insurance plan. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...
List of cash allowances for various types of surgeries. ...
Bond derivatives of short-term duration whose principal or coupon value is determined by a market index. Market indexes that can be utilized include securities, commodity prices, and ...
Judgment decision by the insurance agent concerning whether or not to submit an application. The decision is based on the agent's familiarity with the insurance company's underwriting ...
Premium charge for a policy that is going to be in force for less than the normal period of time. ...
Coverage for motorized vehicles, each of which requires separate policies for property damage and liability exposures. Motorized vehicles are not covered under a homeowners insurance policy ...
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