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| Word |
Definition |
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| Named Perils |
Named Perils Insurance covers specific perils listed in a policy, as opposed to an "all-risk insurance" covering all losses except the ones excluded by name in the policy. |
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| National Flood Insurance Program (NFIP) |
NFIP is a program backed by the United States government to provide flood insurance for fixed property. The NFIP writes policies directly and offers reimbursement to private carriers offering flood insurance. |