In a few instances, standard insurance industry terms have been added for additional focus and emphasis. A . The National Flood Insurance Act of 1. Actual Cash Value (ACV). The cost to replace an insured item of property at the time of loss, less the value of physical depreciation. Adjuster Control Office. An NFIP claims office similar to a Flood Insurance Claims Office (FICO) with the exception that the Adjuster Control Office does not house insured files, maintain a claims examiner staff at the site, or issue claim payments. Job Outlook for California Community College Educational Programs. LMI Resources and Data: LMI Home . Community colleges need. Provides regional long range transportation planning services as the MPO for the Treasure Valley. Sears has opened the doors to its vast archival collection and invited the public to peek inside. More than 100 years of stories, product and brand histories, photographs, catalog images and more are now available online. Alternative Rating. A rating method used when a building is Pre- FIRM, the Flood Insurance Rate Map (FIRM) zone is unknown, and the community in which the building is located has no V Zones. May also be used for renewal of policies in communities that have converted from the Emergency Program to the Regular Program during a policy's term. Anchored. Adequately secured to prevent flotation, collapse or lateral movement. Application. The statement made and signed by the prospective policyholder or the agent/producer in applying for an NFIP flood insurance policy. The Application gives information used to determine the eligibility of the risk, the kind of policy to be issued, and the correct premium payment. The Application is part of the flood insurance policy. Kentucky Board of Nursing 312 Whittington Pky Suite 300 Louisville, KY 40222 Phone: 502-429-3300 or 1-800-305-2042 Fax: 502-429-3311. Office Hours: 8:00 a.m. KBN Office Closed: 11/08/16 (Presidential Election Day. Rural Development Division. The Rural Development Division. The Rural Economic Development Division, created in 2013 through GS 143B-472.126, was established to improve the economic well-being and quality of life of North. For a policy to be issued, the correct premium payment must accompany the Application. Appurtenant Structure. A detached garage servicing a 1- 4 family dwelling. Assignment. The transfer by a policyholder of his/her legal right or interest in a policy contract to a third party. In the NFIP, written assignment of a policy is permissible upon transfer of title without the consent of the FEMA, except in the case where a residential (household) contents- only policy is involved or a policy was issued to cover a building in the course of construction. Base Flood. A flood having a 1% chance of being equaled or exceeded in any given year. Base Flood Depth (BFD). The depth shown on the Flood Insurance Rate Map (FIRM) for Zone AO that indicates the depth of water above highest adjacent grade resulting from a flood that has a 1% chance of equaling or exceeding that level in any given year. Base Flood Elevation (BFE). The elevation of surface water resulting from a flood that has a 1% chance of equaling or exceeding that level in any given year. The BFE is shown on the Flood Insurance Rate Map (FIRM) for zones AE, AH, A1–A3. AR, AR/A, AR/AE, AR/A1– A3. AR/AH, AR/AO, V1–V3. VE. Basement. Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides. Binder or Certificate of Insurance. A temporary agreement between company, agent/producer and insured that the policy is in effect. The NFIP does not recognize binders. However, for informational purposes only, the NFIP recognizes Certificates of Insurance and similar forms for renewal policies. Blanket Insurance. A single amount of insurance applying to more than 1 building and/or contents. Blanket insurance is not permitted under the NFIP. Breakaway Wall. A wall that is not part of the structural support of the building and is intended through its design and construction to collapse under specific lateral loading forces, without causing damage to the elevated portion of the building or supporting foundation system. Building. A structure with 2 or more outside rigid walls and a fully secured roof, that is affixed to a permanent site; or. A manufactured home (a . A walled and roofed building (see the General Rules section for the exception) that is principally above ground and affixed to a permanent site. It does not include building materials or supplies intended for use in construction, alteration, or repair unless such materials or supplies are within an enclosed building on the premises. Business Building. A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for: A building designed as a non- habitational building; A mixed- use building in which the total floor area devoted to residential uses isa. A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses. Business Property. Either a business building or the contents within a business building, or both. Cancellation. The termination of the insurance coverage provided by a policy before the expiration date. Cistern. Covered cisterns and the water in them are defined as an integral part of an insurable building, meaning under the building or above ground and physically attached to a side of the building with 1 of the walls of the building and cistern being common to each other. Claims Coordinating Office (CCO). A clearinghouse for the various insurers who are responding to a multiperil catastrophe. Through voluntary participation, all losses are reported to the CCO and are processed to locate address matches among the reported claims. The interest of each carrier is protected as the Claims Coordinator maintains sole control over the policy and loss information. If a match is found, special care is taken to direct the assigned adjuster(s) to a mutually agreeable adjustment or to have 1 adjuster surrender his/her loss with the assurance that every effort will be made to replace it. Closed Basin Lake. A natural lake from which water leaves primarily through evaporation and whose surface area exceeds or has exceeded 1 square mile at any time in the recorded past. NFIP- insured buildings that are subject to continuous lake flooding from a closed basin lake are covered under the provisions of Standard Flood Insurance Policy (SFIP). Coastal Barrier. A naturally occurring island, sandbar or other strip of land, including coastal mainland, that protects the coast from severe wave wash. Coastal Barrier Improvement Act of 1. CBIA). Enacted on November 1. Act greatly expanded the identified land in the Coastal Barrier Resources System (CBRS) established pursuant to the Coastal Barrier Resources Act (CBRA) of 1. Coastal Barrier Resources Act of 1. CBRA). For the purposes of the NFIP, the CBRA of 1. Gulf and East Coasts as undeveloped coastal barriers. These areas are shown on appropriate flood insurance map panels and have certain coverage restrictions. Coastal Barrier Resources System (CBRS). Communities, coastal barriers and Otherwise Protected Areas (OPAs) identified by legislation defined above. Coastal High Hazard Areas. Special Flood Hazard Areas (SFHAs) along the coasts that have additional hazards due to wind and wave action. These areas are identified on Flood Insurance Rate Maps (FIRMs) as zones V, V1- V3. VE. Coinsurance. A penalty imposed on the loss payment unless the amount of insurance carried on the damaged building is at least 8. NFIP, whichever is less. Coinsurance applies only to building coverage under the Residential Condominium Building Association Policy (RCBAP). Community. A political entity that has the authority to adopt and enforce floodplain ordinances for the area under its jurisdiction. Community Number. A 6- digit designation identifying each NFIP community. The first 2 numbers are the state code. The next 4 are the FEMA- assigned community number. An alphabetical suffix is added to a community number to identify revisions in the Flood Insurance Rate Map (FIRM) for that community. Community Rating System (CRS). A program developed by FEMA to provide incentives for those communities in the Regular Program that have gone beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding. Condominium Association. The entity made up of the unit owners responsible for the maintenance and operation of the following: Common elements owned in undivided shares by unit owners; Other real property in which the unit owners have use rights; where membership in the entity is a required condition of unit ownership. Condominium Building. A type of building in the form of ownership in which each unit owner has an undivided interest in common elements of the building. Contract Agent. An employee of a Write Your Own (WYO) Company or an agent/producer under written contract with a WYO Company, empowered to act on the company’s behalf and with authority to advise an applicant for flood insurance that the company will accept the risk. Countywide Map. A Flood Insurance Rate Map (FIRM) that shows flooding information for the entire geographic area of a county, including the incorporated communities within the county. Crawlspace. An under- floor space that has its interior floor area (finished or not) no more than 5 feet below the top of the next- higher floor. Crawlspaces generally have solid foundation walls. See Diagram 8 in the Elevation Certificate Instructions. Cumulative Damage Building. Any building that has incurred flood- related damage as a result of two or more flooding events in which the cumulative amounts of payments equals or exceeds the fair market value of such building, as determined through use of the following procedure. To determine whether a building has been cumulatively damaged, a loss percentage will be calculated, for each loss, equal to the claim payment amount for that loss divided by the fair market value of such building on the day before each loss. If the sum of the loss percentages for more than one loss equals or exceeds 1. Cumulative Damage Property. Either a cumulative damage building or the contents within a cumulative damage building, or both. Date of Construction. The date that the building permit was issued, provided the actual start of construction, repair, reconstruction or improvement was within 1. Declarations Page. A computer- generated summary of information provided by the prospective policyholder in the application for flood insurance. The declarations page also describes the term of the policy and the limits of coverage and displays the premium and the insurer's name. The declarations page is a part of the flood insurance policy. Community Planning Association of Southwest Idaho.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2016
Categories |