Condominium Association

Term · Insurance and risk management · MLC-T-INS-000047

1. 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.

2. 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.

Table 1. Record
Identifier	MLC-T-INS-000047
Field	Insurance and risk management
Subject	National Flood Insurance Program
References	FloodSmart Flood Insurance Glossary; FEMA Glossary

Record as JSON

{
  "id": "MLC-T-INS-000047",
  "term": "Condominium Association",
  "field": "Insurance and risk management",
  "definition": "1. The entity made up of the unit owners responsible for the maintenance and operation of the following:\n• Common elements owned in undivided shares by unit owners;\n• Other real property in which the unit owners have use rights;\nwhere membership in the entity is a required condition of unit ownership.\n\n2. The entity made up of the unit owners responsible for the maintenance and operation of the following:\n• Common elements owned in undivided shares by unit owners;\n• Other real property in which the unit owners have use rights;\nwhere 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.",
  "subject": "National Flood Insurance Program",
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/condominium-association/"
}

Record 47 of 272 in Insurance and risk management terminology (MLC-0106). Request the full dataset.