§ 4001 Congressional findings and declaration of purpose
§ 4002 Additional Congressional findings and declaration of purpose
§ 4003 Definitions applicable to Flood Disaster Protection Act of 1973
§ 4004 Definitions applicable to Biggert-Waters Flood Insurance Reform Act of 2012
§ 4005 Definitions applicable to Homeowner Flood Insurance Affordability Act of 2014
Subchapter I The National Flood Insurance Program
Subchapter II Organization and Administration of Flood Insurance Program
Subchapter III Coordination of Flood Insurance With Land-Management Programs in Flood-Prone Areas
Subchapter IV General Provisions

Terms Used In U.S. Code > Title 42 > Chapter 50 - National Flood Insurance

  • Administrator: means the Administrator of the Federal Emergency Management Agency. See 42 USC 4121
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal agency lender: means a Federal agency that makes direct loans secured by improved real estate or a mobile home, to the extent such agency acts in such capacity. See 42 USC 4121
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal entity for lending regulation: means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect to a particular regulated lending institution means the entity primarily responsible for the supervision of the institution. See 42 USC 4121
  • improved real estate: means real estate upon which a building is located. See 42 USC 4121
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • insurance adjustment organization: includes any organizations and persons engaged in the business of adjusting loss claims arising under insurance policies issued by any insurance company or other insurer. See 42 USC 4121
  • insurance agent or broker: include any organization or person that is authorized to engage in the business of insurance under the laws of any State, subject to the reporting requirements of the Securities Exchange Act of 1934 [15 U. See 42 USC 4121
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • lender: means a regulated lending institution or Federal agency lender. See 42 USC 4121
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • multilateral development institutions: means the international financial institutions other than the International Monetary Fund. See 22 USC 262r
  • natural and beneficial floodplain functions: means --

    (A) the functions associated with the natural or relatively undisturbed floodplain that (i) moderate flooding, retain flood waters, reduce erosion and sedimentation, and mitigate the effect of waves and storm surge from storms, and (ii) reduce flood related damage. See 42 USC 4121

  • person: includes any individual or group of individuals, corporation, partnership, association, or any other organized group of persons, including State and local governments and agencies thereof. See 42 USC 4121
  • Personal property: All property that is not real property.
  • regulated lending institution: means any bank, savings and loan association, credit union, farm credit bank, Federal land bank association, production credit association, or similar institution subject to the supervision of a Federal entity for lending regulation. See 42 USC 4121
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • repetitive loss structure: means a structure covered by a contract for flood insurance that--

    (A) has incurred flood-related damage on 2 occasions, in which the cost of repair, on the average, equaled or exceeded 25 percent of the value of the structure at the time of each such flood event. See 42 USC 4121

  • servicer: means the person responsible for receiving any scheduled periodic payments from a borrower pursuant to the terms of a loan, including amounts for taxes, insurance premiums, and other charges with respect to the property securing the loan, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan. See 42 USC 4121
  • State: includes the several States, the District of Columbia, the territories and possessions, the Commonwealth of Puerto Rico, and the Trust Territory of the Pacific Islands. See 42 USC 4121
  • subscription: includes a mark when the person making the same intended it as such. See 1 USC 1
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Venue: The geographical location in which a case is tried.