Cancellation Qualifying Reasons/RC 28 - Revision history

WikiAdmin: /* Reason Code 28: Insurance No Longer Required by Lender */

2025-03-26T15:33:33Z

Reason Code 28: Insurance No Longer Required by Lender

← Older revision		Revision as of 08:33, 26 March 2025
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	\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref group="§" name="docs">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>		\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref group="§" name="docs">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>
	\|}		\|}
	''This table can be seen on page 6-10 of the {{FIM\|172}}.''		''This table can be seen on page 6-10 of the {{FIM\|page=172}}.''

	==== How to Determine the Effective Date ====		==== How to Determine the Effective Date ====

WikiAdmin at 19:01, 13 February 2025

2025-02-13T19:01:30Z

← Older revision		Revision as of 12:01, 13 February 2025
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	== Required Documents ==		== Required Documents ==
	For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''		For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''
	<references group="§~~" name="docs~~" />		<references group="§" />

	'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''		'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''

WikiAdmin at 19:00, 13 February 2025

2025-02-13T19:00:24Z

← Older revision		Revision as of 12:00, 13 February 2025
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	== Required Documents ==		== Required Documents ==
	For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''		For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''
	<references name="docs" />		<references group="§" name="docs" />

	'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''		'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''

WikiAdmin at 18:59, 13 February 2025

2025-02-13T18:59:59Z

← Older revision		Revision as of 11:59, 13 February 2025
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	== Required Documents ==		== Required Documents ==
	For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''		For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''
	<references ~~group="§"~~ name="docs"/>		<references name="docs" />

	'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''		'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''

WikiAdmin at 18:59, 13 February 2025

2025-02-13T18:59:06Z

← Older revision		Revision as of 11:59, 13 February 2025
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	\|-		\|-
	\|'''Required Documentation'''		\|'''Required Documentation'''
	\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref group="§">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>		\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref group="§" name="docs">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>
	\|}		\|}
	''This table can be seen on page 6-10 of the {{FIM\|172}}.''		''This table can be seen on page 6-10 of the {{FIM\|172}}.''
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	This is the only NFIP Reason Code that is cancelled on the date that the cancellation document is received by the insurer. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=163]		This is the only NFIP Reason Code that is cancelled on the date that the cancellation document is received by the insurer. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=163]

	Two elements are required for this qualifying reason:<ref group="§" />		Two elements are required for this qualifying reason:<ref group="§" name="docs" />
	* A completed [[NFIP Cancellation Request\|Cancellation Request]] signed by all named insureds and the agent.		* A completed [[NFIP Cancellation Request\|Cancellation Request]] signed by all named insureds and the agent.
	* A statement confirming that any third-party requirement to maintain NFIP coverage has been removed.		* A statement confirming that any third-party requirement to maintain NFIP coverage has been removed.
Line 36:		Line 36:
	== Required Documents ==		== Required Documents ==
	For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''		For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''
	<references group="§"/>		<references group="§" name="docs"/>

	'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''		'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''

WikiAdmin at 18:55, 13 February 2025

2025-02-13T18:55:22Z

← Older revision		Revision as of 11:55, 13 February 2025
Line 36:		Line 36:
	== Required Documents ==		== Required Documents ==
	For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''		For this Reason Code, the FIM states for required documentation ''"In lieu of a signed cancellation request, a signed statement from the policyholder confirming that the lender no longer requires flood insurance."''
	<references />		<references group="§"/>

	'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''		'''The preferred method for verification is a completed [[Cancellation Verification Letter]] signed by the insured.'''

WikiAdmin at 18:54, 13 February 2025

2025-02-13T18:54:31Z

← Older revision		Revision as of 11:54, 13 February 2025
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	=== Reason Code 28: Insurance No Longer Required by Lender ===		=== Reason Code 28: Insurance No Longer Required by Lender ===

	This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref ~~group="§"~~><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.		This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.
	<references ~~group="§"~~ />		<references />
	{\| class="wikitable"		{\| class="wikitable"
	!'''Condition'''		!'''Condition'''
Line 20:		Line 20:
	\|-		\|-
	\|'''Required Documentation'''		\|'''Required Documentation'''
	\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref ~~name~~="~~docs~~">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>		\|In lieu of a signed cancellation request, a signed statement from the policyholder that the lender no longer requires a flood policy. <ref group="§">'''This sentence from the FIM has created a lot of confusion since it was introduced.'''<br>If a completed Cancellation Verification Letter (or an acceptable substitute, as shown below) is signed by all named insureds and the agent of record, then no additional Cancellation Request form is required.</ref>
	\|}		\|}
	''This table can be seen on page 6-10 of the {{FIM\|172}}.''		''This table can be seen on page 6-10 of the {{FIM\|172}}.''
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	This is the only NFIP Reason Code that is cancelled on the date that the cancellation document is received by the insurer. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=163]		This is the only NFIP Reason Code that is cancelled on the date that the cancellation document is received by the insurer. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=163]

	Two elements are required for this qualifying reason:<ref ~~name~~="~~docs~~" />		Two elements are required for this qualifying reason:<ref group="§" />
	* A completed [[NFIP Cancellation Request\|Cancellation Request]] signed by all named insureds and the agent.		* A completed [[NFIP Cancellation Request\|Cancellation Request]] signed by all named insureds and the agent.
	* A statement confirming that any third-party requirement to maintain NFIP coverage has been removed.		* A statement confirming that any third-party requirement to maintain NFIP coverage has been removed.

WikiAdmin at 18:52, 13 February 2025

2025-02-13T18:52:12Z

← Older revision		Revision as of 11:52, 13 February 2025
Line 2:		Line 2:

	This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="§"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.		This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="§"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.
	<references group="~~note~~" />		<references group="§" />
	{\| class="wikitable"		{\| class="wikitable"
	!'''Condition'''		!'''Condition'''

WikiAdmin at 18:51, 13 February 2025

2025-02-13T18:51:59Z

← Older revision		Revision as of 11:51, 13 February 2025
Line 1:		Line 1:
	=== Reason Code 28: Insurance No Longer Required by Lender ===		=== Reason Code 28: Insurance No Longer Required by Lender ===

	This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="A"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.		This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="§"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.
	<references group="note" />		<references group="note" />
	{\| class="wikitable"		{\| class="wikitable"

WikiAdmin at 18:20, 13 February 2025

2025-02-13T18:20:44Z

← Older revision		Revision as of 11:20, 13 February 2025
Line 1:		Line 1:
	=== Reason Code 28: Insurance No Longer Required by Lender ===		=== Reason Code 28: Insurance No Longer Required by Lender ===

	This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="~~note~~"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.		This reason code applies when a policyholder was originally required to maintain flood insurance by a lender<ref group="A"><small>''For all instances of this cancellation reason, the use of the name "lender" should be interpreted as any third-party that has mandated the policyholder's purchase of an NFIP policy.''</small></ref>, but the lender no longer requires coverage due to a loan payoff, map revision, or other circumstances.
	<references group="note" />		<references group="note" />
	{\| class="wikitable"		{\| class="wikitable"