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
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
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Present value of a future sum of money to be paid at a stipulated future date. ...
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Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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