Glossary of Terms
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Resources/Glossary of Terms
Elevated Building - A building that has no basement and has its lowest finished floor elevated above the ground level by foundation walls, shear walls, posts, piers, pilings, or columns. While elevating a building above the BFE using one of the...
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Resources/Glossary of Terms
Elevation Certificate - A standardized NFIP-issued form used by surveyors and other professionals to make a certified statement that verifies a building's elevation and certain other construction characteristics. Elevation certificates serve three...
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Resources/Glossary of Terms
Emergency Program - The phase of a community's participation in the National Flood Insurance Program in which a community adopts minimal regulations or ordinances regulate new construction in SFHAs. During this phase, FEMA arranges for a study of...
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Resources/Glossary of Terms
Enclosure - That portion of an elevated building below the lowest elevated floor that is either partially or fully shut in by rigid walls. Communities that participate in the NFIP must restrict the construction and use of enclosures in Coastal High...
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Resources/Glossary of Terms
Equal
Credit Opportunity Act (ECOA) - In general terms, a federal law enacted to
generally ensure that lenders make credit available without discrimination
based on race, color, religion, age, sex, marital status, national origin, or
receipt of...
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Resources/Glossary of Terms
Erosion - The collapse, undermining, or subsidence of land along the shore of a lake or other body of water. Erosion is a covered peril under an NFIP flood insurance policy, as long as it is caused by waves or currents of water exceeding their...
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Resources/Glossary of Terms
Errors
and Omissions Insurance - Liability insurance coverage for loss caused by
errors, omissions, and negligence committed by persons covered by the policy in
the usual activities of a lender. Fraudulent behavior is not included.
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Resources/Glossary of Terms
Escrow - Written agreement among three or more persons under which documents or property being transferred from one person to another are placed with the third person custodian. The National Flood Insurance Reform Act of 1994 states that if...
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Resources/Glossary of Terms
Estuary - Thin zone along a coastline where freshwater system(s) and river(s) meet and mix with a salty ocean body such as a bay, mouth of a river, salt marsh, or lagoon. These environmentally-sensitive habitats are usually designated as CBRS or OPA...
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Resources/Glossary of Terms
Expense Constant - A flat charge that the policyholder must pay on each new or renewal policy to defray the expenses of the Federal Government related to flood insurance.
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