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The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). The NFIP has two purposes: to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development.
Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. [1] The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors.
A flood insurance rate map (FIRM) is an official map of a community within the United States that displays the floodplains, more explicitly special hazard areas and risk premium zones, as delineated by the Federal Emergency Management Agency (FEMA). [1]
Risk-based cost of insurance. This is the full actuarial rate calculated by FEMA under the new risk plan based on expected losses. Due to state subsidies, most policyholders pay below this amount.
U.S. map showing the average home insurance cost by state "From 2017 to 2022, homeowners insurance premiums rose 40% faster than inflation," a June report by the Bipartisan Policy Center says.
The maps were utilized by insurance companies to determine the potential risk of a particular building, taking into account all of the information included on the map: building material, proximity to other buildings and fire departments, the location of gas lines, etc. The decision as to how much, if any, insurance would be offered to a ...
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
The maps are named for Charles E. Goad who first produced such things for Fire Insurance companies. [1] [2] Charles Edward Goad was a Civil Engineer who practised in Toronto, London, Ontario, and elsewhere. His major business was the creation of detailed street maps for the inner areas of industrial cities, often as a client of insurance companies.