Insurance and risk management terminology · MLC-0106
Insurance and risk management terms: P (24)
- Participating CommunityA community for which FEMA has authorized the sale of flood insurance under the NFIP.
- Participation in the NFIPParticipation in the National Flood Insurance Program (NFIP) is voluntary. To join, the community must:
- Permit for Floodplain DevelopmentA permit is required before construction or development begins within any Special Flood Hazard Area (SFHA)...
- policy1. The entire written contract between the insured and the insurer. It includes the following: • The printed...
- PollutantsSubstances that include, but are not limited to, any solid, liquid, gaseous or thermal irritant or...
- Ponding Hazard1. A flood hazard that occurs in flat areas when there are depressions in the ground that collect "ponds" of...
- PopulationThe number of individuals residing in a geographic area. The population figure is based on the most recent...
- Post-FIRM Building1. A building for which construction or substantial improvement occurred after December 31, 1974 or on or...
- Preferred Risk Policy1. A lower-cost Standard Flood Insurance Policy (SFIP) written under the Dwelling Form or General Property...
- Pre-FIRM Building1. A building for which construction or substantial improvement occurred on or before December 31, 1974 or...
- Prepaid Amount (Total)The total amount that must be submitted with an application or renewal in order to be acceptable for...
- Prepaid Premium (Total)1. The amount on the application (excluding the Preferred Risk Policy [PRP] Application) that includes the...
- Presentment of Payment (Premium)The date of the check or credit card payment by the applicant or applicant’s representative if the premium...
- Primary ResidenceA single family building, condominium unit, apartment unit, or unit within a cooperative building that will...
- Primary Residential PropertyEither a primary residence or the contents within a primary residence, or both.
- Principal ResidenceA single-family dwelling in which, at the time of loss, the named insured or the named insured’s spouse has...
- Principally Above Ground BuildingA building that has at least 51% of its Actual Cash Value (ACV), including machinery and equipment, above...
- Probation1. A FEMA-imposed change in a community's status resulting from violations and deficiencies in the...
- Probation Surcharge (Premium)A flat charge that the policyholder must pay on each new or renewal policy issued covering property in a...
- Program DeficiencyCommunities participating in the National Flood Insurance Program (NFIP) must have adequate permitting and...
- proof of lossA policyholder’s statement of the amount of money being requested, signed to and sworn to by the policyholder...
- Proper Openings - Enclosures (Applicable to Zones A, A1-A30, AE, AO, AH, AR and AR Dual)All enclosures below the lowest elevated floor must be designed to automatically equalize hydrostatic flood...
- Property Removed to Safety ExpenseUp to $1,000 of reasonable expenses incurred by the insured to temporarily remove insured property from the...
- Provisional RatingA method for placing flood coverage prior to the receipt of a FEMA Elevation Certificate.
24 of 272 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.