INS 22 Chapters 7-12

A specific cause of loss listed and described in an insurance policy. Also a general term used to describe policies containing named perils. May also be referred to as broad form.

In a trial, the duty of a party to prove that the facts it claims are true.

A building or complex for which the unit owner has a separate title and exc lusive ownership of a specific unit, as well as the joint ownership of the common areas and facilities.

A condition that increases the likelihood that a person will intentionally cause or exaggerate a loss.

Insurance property specifically listed/scheduled on a policy, with a limit of liability for each item.

A rising or overflowing of water onto what is normally dry land.

Areas that the NFIP has classified as being expected to experience flooding at least once in 100 years.

A temporary map designed to identify flood-prone areas in the community.

Initial phase of a community's participation in the National Flood Insurance Program in which property owners may purchase limited amounts ($35,000/$10,000) of insurance at subsidized rates.

A map that sows exact boundaries for special flood hazard areas, the various flood zones, and base flood elevations.

Second phase of the NFIP in which the community agrees to adopt flood-control and land-use restrictions and in which property owners purchase higher amounts of flood insurance than under the emergency program ($250,000/$100,000).

In general, the tendency for people with the greatest probability of loss to be the ones most likely to purchase insurance.

Flood insurance marketed by licensed insurance agents and brokers in communities enrolled in the NFIP, on behalf of insurance companies that have arranged to sell NFIP policies and to adjust flood claims under their own names.

A group of insurers or reinsurers involved in joint underwriting to insure major risks that are beyond the capacity of a single insurer or reinsurer; each syndicate member accepts predetermined shares of premiums, losses, expenses, and profits.

Policy that covers on an "all-risks" basis to fill gaps in the insured's commercial property coverage, especially gaps in flood and earthquake coverage.