Sec. 302. Definitions
238 words·~1 min read·
/bill/115/s/1313/is/section-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this title— the term agreed value flood protection policy means a flood protection policy providing that, if a flood occurs, the National Flood Insurance Program will make payments according to agreed schedules of payments determined by flood height in covered structures participating in the Program; the term catastrophic loss year means a year in which the combined ratio is not less than 130 percent; the term combined ratio means the quotient obtained when the sum obtained by adding the losses paid under the National Flood Insurance Program in a year and the expenses of the National Flood Insurance Program in that year is divided by the total amount of premiums collected under the National Flood Insurance Program in that year; the term covered agent means any insurance agent, producer, or intermediary licensed by a State; the term covered structure means real property eligible for flood insurance coverage under the National Flood Insurance Program; the term eligible participant means a person that has demonstrated ownership of a covered structure; the term flood height means the distance between the lowest adjacent grade and the high water mark of a flood on the first floor of a covered structure, as measured or as determined by other appropriate methods; the term Program means the Agreed Value Flood Protection Program established under section 303(a); and the term Reserve Fund means the Agreed Value Flood Protection Program Reserve Fund established under section 305(a).