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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Flood Plain


Synonyms:flood fringe, flood meadow, floodplain, floodway
Acronyms &
abbreviations:
flpl
Filed Under: abbreviation, insurance, real-estate
Tags: classifieds, insurance, property listing, realty
 

Definition of flood plain (flpl)

flood plain (flpl)
1. Land that is prone to inundation (being covered by water).

Related Terms and Acronyms:

  • act of god (AOG)   When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
  • catastrophe insurance   Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
  • exclusions   Situations, as listed in an insurance policy, where insurance companies are allowed to deny coverage to policyholders.
  • flood insurance   An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
  • hazard insurance   Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
  • homeowners insurance   A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • property insurance   Insurance that provides coverage for damages to property from a number of perils.
  • reliction   An increase in the amount of land that occurs when a river or sea permanently withdraws.
  • water damage insurance   Insurance that covers water damage to insured property.
  • water damage legal liability insurance   Insurance that covers policyholders for liability from water damage to another party's property.

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