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A flat charge that the policyholder must pay on each new or renewal policy to defray certain administrative expenses incurred in carrying out the National Flood Insurance Program.
- Browse Related Terms: Actual cash value (ACV), Elevation Certificate, Federal Policy Fee, Grandfathering, Group Flood Insurance Policy (GFIP), Increased Cost of Compliance (ICC), policy, Post-FIRM Building, Pre-FIRM Building, Preferred Risk Policy (PRP), Probation Surcharge (Premium), Replacement Cost Value (RCV), Standard Flood Insurance Policy (SFIP), Submit-for-Rate, Waiting Period, Wave Height Adjustment, Write Your Own (WYO) Program