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Revision as of 11:43, 18 December 2024

Types of Scenarios for NFIP New Business
Scenario	Summary of Process	Details
Effective Date Validation	Confirm that the effective date aligns with NFIP rules, considering waiting periods and payment receipt.	Effective Date Rules
Elevation Certificates	Verify elevation data against policy rating details; ensure the certificate is complete and accurate.	Review Elevation Certificates
Newly Mapped Discounts	Apply statutory discounts; verify eligibility and documentation requirements for newly mapped areas.	Newly Mapped Discounts
Mitigation Discounts	Confirm eligibility for floodproofing or other mitigation-based discounts; ensure proper documentation.	Mitigation Discounts
Primary Residence Verification	Validate the policyholder’s primary residence status; ensure criteria are met and documented.	Primary Residence Rules
Flood Zone Verification	Confirm the property’s flood zone information using updated maps or third-party data.	Flood Zone Updates
Coastal Barrier Resource System (CBRS)	Ensure compliance with CBRS restrictions and verify eligibility for properties in these zones.	CBRS Compliance
Policy Transfers (Rollovers)	Review documents to confirm proper transfer of policies between carriers or agents.	Policy Transfers
Additional Insured Parties	Verify and add additional insured parties; ensure proper documentation is attached.	Adding Insured Parties
Incomplete Payment Reconciliation	Resolve discrepancies between premium billed and premium received; confirm the balance is correct.	Payment Reconciliation

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-This page explains how underwriters should evaluate and process requests to update the insured name on an NFIP policy. Common reasons for name changes include correcting errors, adding or removing a named insured, or reflecting legal updates like marriage or divorce. The goal is to maintain compliance with NFIP guidelines while ensuring the policy's integrity.
-==== Categories of Name Changes ====
 {| class="wikitable"
-!'''Type'''
+|+ Types of Scenarios for NFIP New Business
-!'''Description'''
+! Scenario
-!'''Documentation Requirements'''
+! Summary of Process
-!'''Effective Date Rule'''
+! Details
 |-
-|'''Name Corrections'''
+| '''Effective Date Validation'''
-|Fix typographical or factual errors in the insured name without changing the insurable interest.
+| Confirm that the effective date aligns with NFIP rules, considering waiting periods and payment receipt.
-|Government-issued ID, proof of ownership, or other documentation showing the correct name.
+| [[Effective Date Rules]]
-|Use the inception date of the current policy term.
 |-
-|'''Adding a Name'''
+| '''Elevation Certificates'''
-|Add an additional policyholder to the policy without removing the existing insured party.
+| Verify elevation data against policy rating details; ensure the certificate is complete and accurate.
-|Signed written request specifying the added name and their relationship to the property.
+| [[Review Elevation Certificates]]
-|Use the date of the request or a documented event.
 |-
-|'''Removing a Name'''
+| '''Newly Mapped Discounts'''
-|Remove a policyholder while ensuring at least one valid named insured remains on the policy.
+| Apply statutory discounts; verify eligibility and documentation requirements for newly mapped areas.
-|Signed written request from the insured being removed or legal documentation supporting the removal.
+| [[Newly Mapped Discounts]]
-|Use the date of the request or the inception date of the current policy term for retroactive changes.
 |-
-|'''Policy Assignment'''
+| '''Mitigation Discounts'''
-|Transfer ownership and insurable interest to a new policyholder, removing the previous insured party.
+| Confirm eligibility for floodproofing or other mitigation-based discounts; ensure proper documentation.
-|Legal documentation of the transfer, such as a sale agreement, deed, or assignment form signed by all parties.
+| [[Mitigation Discounts]]
-|Use the closing or transfer date, provided all documentation is received within NFIP timelines.
 |-
-|'''Updating a Name'''
+| '''Primary Residence Verification'''
-|Update an insured name to reflect a legal change (e.g., marriage, divorce, court order).
+| Validate the policyholder’s primary residence status; ensure criteria are met and documented.
-|Legal documentation such as a marriage certificate, divorce decree, or court order reflecting the updated name.
+| [[Primary Residence Rules]]
-|Use the date of the legal event (e.g., marriage, court order) or another documented date supported by NFIP rules.
+|-
+| '''Flood Zone Verification'''
+| Confirm the property’s flood zone information using updated maps or third-party data.
+| [[Flood Zone Updates]]
+|-
+| '''Coastal Barrier Resource System (CBRS)'''
+| Ensure compliance with CBRS restrictions and verify eligibility for properties in these zones.
+| [[CBRS Compliance]]
+|-
+| '''Policy Transfers (Rollovers)'''
+| Review documents to confirm proper transfer of policies between carriers or agents.
+| [[Policy Transfers]]
+|-
+| '''Additional Insured Parties'''
+| Verify and add additional insured parties; ensure proper documentation is attached.
+| [[Adding Insured Parties]]
+|-
+| '''Incomplete Payment Reconciliation'''
+| Resolve discrepancies between premium billed and premium received; confirm the balance is correct.
+| [[Payment Reconciliation]]
 |}
-==== Procedural Steps ====
-# '''Receive and Categorize the Request'''
-#* Open the agent-submitted request in Equinox and categorize it under the appropriate reason for the change (see Categories of Name Changes).
-# '''Verify Documentation'''
-#* Confirm the required documents are attached and validate their accuracy (e.g., legal documents for name updates, signed requests for additions/removals).
-# '''Check Compliance'''
-#* Ensure that the change does not alter ownership (except for Policy Assignments).
-#* Verify that at least one named insured with valid insurable interest remains on the policy.
-# '''Determine the Effective Date'''
-#* Use the effective date guidelines:
-#** For legal updates, use the date of the legal event.
-#** For corrections, use the policy inception date.
-#** For additions/removals, use the request date or the policy inception date for retroactive changes.
-# '''Take Action in Equinox'''
-#* Update the policy record with the approved name change.
-#* If the request is '''Rejected''' or '''Pended''', document the reason and communicate the outcome to the submitting agent.
-# '''Document the Action'''
-#* Record the decision and supporting documentation in the policy notes.
-#* Ensure all changes comply with NFIP guidelines and that the policy remains intact.
-==== Additional Resources ====
-* '''NFIP Guidelines Reference''': Link to the relevant section of the NFIP Flood Insurance Manual.
-* '''Equinox Quick Guide''': Step-by-step instructions for updating name changes in the platform, with screenshots.
-* '''FAQs for Agents''': Common agent questions about name changes, such as "What documentation is required for adding a co-insured?"