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List of Terms
Pages 131-134

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From page 131...
... : Loss of or damage to insured property caused directly by a flood. Flood risk: The expected direct physical loss (flood damage)
From page 132...
... National Flood Insurance Program flood zone* : A geographical area shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map that reflects the severity or type of flooding in a Special Flood Hazard Area.
From page 133...
... It is used by local communities and builders to ensure compliance with local floodplain management ordinances and is also used by insurance agents and companies in setting premiums for flood insurance policies. NFIP risk-based premium: The premium for a group of policies that, as legislative and administrative constraints allow, will meet actuarial pricing guidelines.
From page 134...
... : The requirement, under the provisions of the Flood Disaster Protection Act of 1973, that individuals, businesses, and others buying, building, or improving property that is located in identified Special Flood Hazard Areas in participating communities to purchase flood insurance as a prerequisite for receiving any type of direct or indirect federal financial assistance (for example, any loan, grant, guaranty, insurance, payment, subsidy, or disaster assistance) , if the building or property is the subject of or security for such assistance.


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