Federal Flood Insurance
Coverage made available to residents of a community on a subsidized and nonsubsidized premium rate basis once the governing body of the community qualifies that community for coverage under the National Flood Insurance Act. Residents include business and nonbusiness operations with coverage written on structures and their contents. Coverage is purchased through licensed agents. Prior to passage of the Housing and Urban Development Act of 1968, of which the National Flood Insurance Act is a part, it was virtually impossible to obtain flood insurance coverage on an industrial building, residential building, retailing building, or a single family dwelling.
Popular Insurance Terms
process of discovering sources of loss concerning the liability risk faced by individuals and business firms. The first step in risk management is to identify the causes of a loss by ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Frequency of death. ...
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Benefit in disability income insurance whereby an injured or ill wage earner receives a monthly income payment to replace a percentage of his or her lost earnings. ...
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Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
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Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
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