Flood
A community for which the Mitigation Division Administrator has authorized the sale of flood insurance under the NFIP.
participating community
Flood insurance can only be sold through the NFIP if the property to be insured is located in a
participating community
The National Flood Insurance Reform Act of 1984 increased the focus on compliance by lenders and created a mitigation assistance program to
reduce the costs of flood damage.
The Homeowner Flood Insurance Affordability Act of 2014
repealed certain sections of Biggert-Waters, restored the NFIP's grandfathering provisions, established limits on certain rate increases, and applied an annual policy surcharge on all policies
NFIA
National Flood Insurance Act
SFHAs represent a __/__ chance of flooding during the term of a 30-year mortgage.
1 in 4
The base flood or 100-year flood has a __% chance of being equaled or exceeded in any given year.
1%
The WYO Program has 3 main goals:
1-Increase the number and geographic distribution of NFIP policies 2-Improve service to NFIP policyholders 3-Provide the insurance industry with direct flood insurance operating experience
SFHAs are designated as _ and _ flood zones
A and V
NSFHAs are designated as _,_, and _ flood zones.
B,C and X
Flood insurance through the NFIP is NOT AVAILABLE for structures built or substantially approved after the community in which it is located was designated as a
CBRA zone
A system of protected coastal areas that includes oceanfront land, the Great Lakes, and Other Protected Areas.
Coastal Barrier Resources System
CBRS
Coastal Barriers Resource System
CBRA
Coastal Barriers Resources Act
A program developed by the FEMA Mitigation Division to provide incentives for communities in the National Flood Insurance Program that have gone beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding.
Community Rating System
CRS
Community Rating System
The Consolidated Appropriations Act of 2014 prevented certain provisions of Biggert-Waters from being implemented while
Congress negotiated the drafting of new flood insurance laws.
The Homeowner Flood Insurance Affordability Act of 2014 was the result of
Congressional and public disappointment with Biggert-Waters and the Consolidated Appropriations Act.
the financial aid to individuals whose property has been destroyed or damaged as a result of a federally declared disaster.
Disaster assistance
The initial phase of a community's participation in the National Flood Insurance Program.
Emergency Program
The NFIP is administered by the
Federal Emergency Management Agency (FEMA)
FHBM
Flood Hazard Boundary Map
FIRMS
Flood Insurance Rate Maps
Number one natural disaster in the US
Flooding
A zones represent
High Risk
In the event of a Major Declaration 3 categories of assistance are available, what are they?
Individual, Public, and Hazard Mitigation
More than 20% of all NFIP flood insurance claims are for property that is
NOT located in a high-risk flood zone (i.e., it is located in moderate- or low-risk areas).
Moderate or Low-Risk flood areas
NSFHA
The final phase of a community's participation in the National Flood Insurance Program.
Regular Program
SFHA
Special Flood Hazard Area
SFIP
Standard Flood Insurance Policy
Areas that have not been analyzed by FEMA, designated as flood zone D.
Undetermined Risk Areas
the National Flood Insurance Program was created to establish
a nationwide floodplain management mechanism
V zones represent
coastal flood plains
an official map of a community issued by the Federal Insurance Administrator.
flood hazard boundary map (FHBM)
shows the designated boundaries of the flood, mudflow, and related erosion areas that have special hazards
flood hazard boundary map (FHBM)
FIRM
flood insurance rate map
areas described by their risk of flooding
flood zones
SFHAs are also referred to as
floodplains
In the event of an Emergency Declaration
individual assistance is not available.
NSFHA
non-special flood hazard area
The Flood Insurance Protection Act of 1973 and Flood Disaster Protection Act of 1973 required lenders of federally backed loans and mortgages to
require the issuance of flood insurance on property secured by those loans if it is located in a high-risk flood area
The Biggert-Waters Flood Insurance Reform Act of 2012 funded and implemented a national remapping program along with certain rate increases to
strengthen the fiscal soundness of the NFIP.
The purpose of federal disaster assistance is
to provide financial aid for critical expenses that cannot be obtained from any other sources
Over the term of a 30-year mortgage, property located in a high-risk flood area is more apt
to sustain flood damage than to sustain fire damage.