Congressional action in 2012 extended the National Flood Insurance Program (NFIP) until 2017. Which of the following is a key provision of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012?

Question

Quizplus · Accepted Answer

The Biggert-Waters Flood Insurance Reform and Modernization Act of 2012 eliminated and phased out several rate subsidies, which had resulted in lower premiums for some policyholders. This was done to make the NFIP more financially stable and sustainable in the long term. The act did not include the elimination of waiting periods, write-off of the Hurricane Katrina deficit, or elimination of deductibles.

Congressional Action in 2012 Extended the National Flood Insurance Program