Preferred risk policy

{
  "id": "MLC-T-INS-000181",
  "term": "Preferred risk policy",
  "field": "Insurance and risk management",
  "term_source": "Preferred Risk Policy",
  "definition": "1. A lower-cost Standard Flood Insurance Policy (SFIP) written under the Dwelling Form or General Property Form. It offers fixed combinations of building/contents coverage limits or contents-only coverage. The PRP is available for property located in B, C and X Zones in Regular Program communities that meets eligibility requirements based on the property’s flood loss history. It is also available for buildings that are eligible under the PRP Eligibility Extension.\n\n2. A lower-cost Standard Flood Insurance Policy (SFIP) written under the National Flood Insurance Program’s (NFIP) Dwelling Form or General Property Form. It offered fixed combinations of building/contents coverage limits or contents-only coverage. The NFIP used to offer a Preferred Risk Policy (PRP) for a property located in B, C and X Zones in Regular Program communities that meets eligibility requirements based on the property’s flood loss history. It used to be available for buildings that are eligible under the PRP Eligibility Extension.",
  "abbreviation": "PRP",
  "subject": "National Flood Insurance Program",
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/preferred-risk-policy/"
}