Glossary of Terms
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Resources/Glossary of Terms
100-year Floodplain - Common term for a geographic area that has at least a 1% annual chance of flooding. The term "100-year floodplain" can be misleading. It is commonly (but mistakenly) assumed to be an area that floods only once every 100...
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500-year Floodplain - Common term for an area that has between a 0.2% and 1% annual chance of flooding. Communities can elect to delineate these areas on their FIRMs. When shown on an older FIRM, these areas are lightly shaded in gray; newer aerial...
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Actual Cash Value (ACV) - The cost to repair or replace an insured item of property at the time of the loss, less physical depreciation. The value of physical depreciation is based on the age and condition of the item. Regarding NFIP flood insurance...
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Adjustable Rate Mortgage (ARM) - Mortgage loan for which the interest rate is periodically adjusted. This adjustment is determined by a preselected, published index.
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Aerial Photograph - Photograph image taken from an airplane; used for locating a property address or a structure on a lot.
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Alluvial Fan - Area where steep mountain drainages empty into valley floors, usually in arid regions. Floods in these areas often exhibit unpredictable characteristics compared to flooding in riverine or coastal areas, due to the potential for...
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American Financial Services Association (AFSA) - The national trade association for the consumer credit and finance industry. (Visit AFSA website)
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Resources/Glossary of Terms
Amortization - Repayment of debt through regular installment payments, which are applied to both the principal and the interest.
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Resources/Glossary of Terms
Annual Percentage Rate (APR) - Under the Truth-In-Lending Regulation, the APR is considered the true rate of interest charged for the loan. The APR includes the quoted interest rate on the loan plus all additional service and finance charges...
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