MLchartDataset catalogue

Preferred risk PRP

Term · Insurance and risk management · MLC-T-INS-002629

An underwriting classification for an insurance applicant who presents a lower-than-average chance of loss, thereby qualifying for the lowest premium rates. In the context of the National Flood Insurance Program, a Preferred Risk Policy (PRP) was a specific, lower-cost policy available for properties located in moderate-to-low risk flood zones. The PRP was phased out with the implementation of the NFIP's Risk Rating 2.0 methodology.

Table 1. Record
IdentifierMLC-T-INS-002629
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002629",
  "term": "Preferred risk PRP",
  "field": "Insurance and risk management",
  "definition": "An underwriting classification for an insurance applicant who presents a lower-than-average chance of loss, thereby qualifying for the lowest premium rates. In the context of the National Flood Insurance Program, a Preferred Risk Policy (PRP) was a specific, lower-cost policy available for properties located in moderate-to-low risk flood zones. The PRP was phased out with the implementation of the NFIP's Risk Rating 2.0 methodology.",
  "url": "https://mlchart.com/terminology/insurance/preferred-risk-prp/"
}

Record 2,641 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.