Required Cancellation Signatures: Difference between revisions
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== Required Signatures by Reason Code == | == Required Signatures by Reason Code == | ||
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!'''Reason Code''' | !'''Reason Code''' | ||
!'''Agent's<br>Signature''' | !'''Agent's<br>Signature''' | ||
Revision as of 14:20, 21 November 2024
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This page is a rough draft and will need more work before it's finalized. |
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This page contains details about NFIP Cancellations. |
Required Signatures by Reason Code
| Reason Code | Agent's Signature |
Insured's Signature |
|---|---|---|
| 01 - Building sold, removed, or destroyed | X | X |
| 02 - Contents sold, removed, or destroyed | X | X |
| 03 - Establish a common expiration date | X | X |
| 04 - Duplicate NFIP policies | X | |
| 05 - Invalid payment | ||
| 06 - Property not eligible for coverage | ||
| 07 - Property closing did not occur | X | X |
| 10 - Policy converted to RCBAP | X | X |
| 13 - Nullification prior to policy effective date | X | X |
| 20 - SRL written with incorrect insurer | X | X |
| 21 - Continuous lake flooding or closed basin lakes | ||
| 22 - Cancel and rewrite due to administrative error | ||
| 23 - Fraud or misrepresentation | ||
| 26 - Duplicate policy from a source other than NFIP | X | X |
| 27 - Property becomes ineligible during term | ||
| 28 - Insurance no longer required by lender | X | X |
| 29 - Building physically altered | ||
| 30 - Insufficient premium to retain coverage |
Electronic Signatures
As an agent, it's important to know that NFIP insurers are encouraged to use electronic signatures to streamline processes and enhance the customer experience. FEMA fully supports the use of electronic signatures and ensures they are legally valid, provided they meet certain criteria.
To comply with requirements, electronic signatures must:
- Be in an acceptable electronic format;
- Clearly indicate the signer's intent to sign the document;
- Be attached to or associated with the signed document;
- Include a method to identify and authenticate the signer; and
- Ensure the integrity of the signed document is preserved.
Agents should verify that electronic signatures meet these standards and align with their insurer's policies and applicable laws.