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
Study of buying habits of consumers to determine their insurance needs. ...
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Plan in which participant (employee) utilizes spending accounts to pay for health care costs not subject to reimbursement from a health insurance policy or health care provider. The ...
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Outer covering containing an insurance policy; in many instances it lists provisions common to several types of policies. ...
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Insurance company that restricts its underwriting of risks to one state. ...
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