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What is the Definition of National Flood Insurance Program?

What is the Definition of National Flood Insurance Program?

Federal government-sponsored program under which flood insurance is sold to homeowners and businesses. (See Adverse selection; Flood insurance)

Source: Insurance Handbook A guide to insurance: what it does and how it works |

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of National Flood Insurance Program?

You can find random definition and meaning of insurance terms below:

Meaning of A-Share Variable Annuity in Insurance Terms

A form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge.

Meaning of Absolute Assignment in Insurance Terms

An irrevocable transfer of complete ownership of a life insurance policy or an annuity from one party to another. Contrast with Collateral assignment. (See Assignment)

Meaning of Accelerated Death Benefits in Insurance Terms

A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.

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