NFIP Policy Changes - Revision history

WikiAdmin: /* Categories */

2025-03-09T18:46:29Z

Categories

← Older revision		Revision as of 11:46, 9 March 2025
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	\| Complex due to determining correct effective dates, assigning appropriate coverage, and balancing premium		\| Complex due to determining correct effective dates, assigning appropriate coverage, and balancing premium
	\|-		\|-
	\|'''9'''		\|<span id="cat-chg-9">'''9'''</span>
	\|[https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=175 Cancel Rewrite]		\|[https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=175 Cancel Rewrite]
	\|Technically a cancellation reason code, used as a method of policy correction when all other options will not suffice.		\|Technically a cancellation reason code, used as a method of policy correction when all other options will not suffice.

WikiAdmin: /* Categories */

2025-03-09T18:46:04Z

Categories

← Older revision		Revision as of 11:46, 9 March 2025
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	* Applying full risk rates to a policy that was issued with Provisional Rates		* Applying full risk rates to a policy that was issued with Provisional Rates
	\| Complex due to determining correct effective dates, assigning appropriate coverage, and balancing premium		\| Complex due to determining correct effective dates, assigning appropriate coverage, and balancing premium
			\|-
			\|'''9'''
			\|[https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=175 Cancel Rewrite]
			\|Technically a cancellation reason code, used as a method of policy correction when all other options will not suffice.
			\|
			* Changing the policy effective date
			* Applying multi-transaction corrections to one or more policy terms
			\|Complex due to appropriate use and sequencing of transactions
	\|}		\|}

	{{line-nfip-endorse}}		{{line-nfip-endorse}}

WikiAdmin: /* Categories */

2025-03-07T18:15:05Z

Categories

← Older revision		Revision as of 11:15, 7 March 2025
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	\| No premium impact, minimal documentation, and strictly operational.		\| No premium impact, minimal documentation, and strictly operational.
	\|-		\|-
	\|'''2'''		\|<span id="cat-chg-2">'''2'''</span>
	\| Policy Interests		\| Policy Interests
	\| Updates involving policyholders or agents, such as transferring ownership or changing agents of record.		\| Updates involving policyholders or agents, such as transferring ownership or changing agents of record.
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	\| Requires supporting documentation and validation but does not affect coverage or rating.		\| Requires supporting documentation and validation but does not affect coverage or rating.
	\|-		\|-
	\|'''3'''		\|<span id="cat-chg-3">'''3'''</span>
	\| Policy Corrections (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=149 Rating Corrections])		\| Policy Corrections (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=149 Rating Corrections])
	\| Adjustments to correct policy details that may or may not affect premiums. Effective date is always the policy inception date.		\| Adjustments to correct policy details that may or may not affect premiums. Effective date is always the policy inception date.
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	\| Documentation required, but effective date tied to policy inception simplifies adjustments.		\| Documentation required, but effective date tied to policy inception simplifies adjustments.
	\|-		\|-
	\|'''4'''		\|<span id="cat-chg-4">'''4'''</span>
	\| Policy Changes (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=148 Rating Adjustments])		\| Policy Changes (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=148 Rating Adjustments])
	\| Changes to policy details based on real-world events. May or may not affect premiums. Effective date reflects the event date.		\| Changes to policy details based on real-world events. May or may not affect premiums. Effective date reflects the event date.
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	\| Real-world event complexity; effective dates must align with the event causing the change.		\| Real-world event complexity; effective dates must align with the event causing the change.
	\|-		\|-
	\|'''5'''		\|<span id="cat-chg-5">'''5'''</span>
	\| Coverage Increases		\| Coverage Increases
	\| Increasing building or contents coverage, typically requiring additional premium. Involves waiting period rules.		\| Increasing building or contents coverage, typically requiring additional premium. Involves waiting period rules.
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	\| Introduces waiting period rules and strict documentation requirements.		\| Introduces waiting period rules and strict documentation requirements.
	\|-		\|-
	\|'''6'''		\|<span id="cat-chg-6">'''6'''</span>
	\| Coverage Decreases		\| Coverage Decreases
	\| Reducing coverage, typically resulting in a refund. Includes criteria like property damage or over-insuring.		\| Reducing coverage, typically resulting in a refund. Includes criteria like property damage or over-insuring.
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	\| Requires valid explanations and effective dates reflecting the change or correction.		\| Requires valid explanations and effective dates reflecting the change or correction.
	\|-		\|-
	\|'''7'''		\|<span id="cat-chg-7">'''7'''</span>
	\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=151 Property Address Corrections]		\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=151 Property Address Corrections]
	\| Correction to property address that may require additional documentation and NFIP rating engine updates.		\| Correction to property address that may require additional documentation and NFIP rating engine updates.

WikiAdmin: /* Categories */

2025-03-07T18:12:08Z

Categories

← Older revision		Revision as of 11:12, 7 March 2025
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	\| Complex due to geolocation and other factors influenced by community information		\| Complex due to geolocation and other factors influenced by community information
	\|-		\|-
	\|'''8'''		\|<span id="cat-chg-8">'''8'''</span>
	\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=150 Incorrect Policy Form] or [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=152 Rate Category Changes]		\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=150 Incorrect Policy Form] or [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=152 Rate Category Changes]
	\| Changing the rating structure for the entire policy, including maximum coverage limits		\| Changing the rating structure for the entire policy, including maximum coverage limits

WikiAdmin: /* Categories */

2025-03-07T18:11:41Z

Categories

← Older revision		Revision as of 11:11, 7 March 2025
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	!'''Complexity Rationale'''		!'''Complexity Rationale'''
	\|-		\|-
	\|'''1'''		\|<span id="cat-chg-1">'''1'''</span>
	\| Administrative		\| Administrative
	\| Simple updates or corrections to policy information without affecting coverage or premiums.		\| Simple updates or corrections to policy information without affecting coverage or premiums.

WikiAdmin at 18:05, 7 March 2025

2025-03-07T18:05:25Z

← Older revision		Revision as of 11:05, 7 March 2025
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	* '''Premium-bearing''': Adjustments to coverage or rating factors that increase or decrease premiums.		* '''Premium-bearing''': Adjustments to coverage or rating factors that increase or decrease premiums.

	==~~NFIP Policy Change Types~~==		==Categories==

	{\| class="wikitable small-text"		{\| class="wikitable small-text"

WikiAdmin: /* NFIP Policy Change Types */

2025-03-07T16:44:27Z

NFIP Policy Change Types

← Older revision		Revision as of 09:44, 7 March 2025
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	\|-		\|-
	\|'''3'''		\|'''3'''
	\| Policy ~~Detail~~ Corrections (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=149 Rating Corrections])		\| Policy Corrections (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=149 Rating Corrections])
	\| Adjustments to correct policy details that may or may not affect premiums. Effective date is always the policy inception date.		\| Adjustments to correct policy details that may or may not affect premiums. Effective date is always the policy inception date.
	\|		\|
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	\|-		\|-
	\|'''4'''		\|'''4'''
	\| Policy ~~Detail~~ Changes (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=148 Rating Adjustments])		\| Policy Changes (including [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=148 Rating Adjustments])
	\| Changes to policy details based on real-world events. May or may not affect premiums. Effective date reflects the event date.		\| Changes to policy details based on real-world events. May or may not affect premiums. Effective date reflects the event date.
	\|		\|

WikiAdmin: /* NFIP Policy Change Types */

2025-03-07T16:40:55Z

NFIP Policy Change Types

← Older revision		Revision as of 09:40, 7 March 2025
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	\|-		\|-
	\|'''1'''		\|'''1'''
	\| Administrative ~~Changes or Corrections~~		\| Administrative
	\| Simple updates or corrections to policy information without affecting coverage or premiums.		\| Simple updates or corrections to policy information without affecting coverage or premiums.
	\|		\|
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	\|-		\|-
	\|'''2'''		\|'''2'''
	\| ~~Changes to~~ Policy Interests		\| Policy Interests
	\| Updates involving policyholders or agents, such as transferring ownership or changing agents of record.		\| Updates involving policyholders or agents, such as transferring ownership or changing agents of record.
	\|		\|

WikiAdmin: /* NFIP Policy Change Types */

2025-03-07T16:39:48Z

NFIP Policy Change Types

← Older revision		Revision as of 09:39, 7 March 2025
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	* Changing a building from apartments to a residential condominium building		* Changing a building from apartments to a residential condominium building
	* Applying full risk rates to a policy that was issued with Provisional Rates		* Applying full risk rates to a policy that was issued with Provisional Rates
	\| Complex due to ~~geolocation~~ and ~~other factors influenced by community information~~		\| Complex due to determining correct effective dates, assigning appropriate coverage, and balancing premium
	\|}		\|}

	{{line-nfip-endorse}}		{{line-nfip-endorse}}

WikiAdmin: /* NFIP Policy Change Types */

2025-03-07T16:38:04Z

NFIP Policy Change Types

← Older revision		Revision as of 09:38, 7 March 2025
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	\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=151 Property Address Corrections]		\| [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=151 Property Address Corrections]
	\| Correction to property address that may require additional documentation and NFIP rating engine updates.		\| Correction to property address that may require additional documentation and NFIP rating engine updates.
	\| Correcting property address that ~~repositions~~ the structure on a map		\| Correcting property address that affects the position of the structure on a map
	\| Complex due to geolocation and other factors influenced by community information		\| Complex due to geolocation and other factors influenced by community information
	\|-		\|-