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TeachMeFinance.com - explain Group Flood Insurance Policy (GFIP) Group Flood Insurance Policy (GFIP) The term 'Group Flood Insurance Policy (GFIP)' as it applies to the area of flooding can be defined as 'Issued by the NFIP Direct Program in response to a presidential disaster declaration. Disaster assistance applicants, in exchange for a modest premium, receive a minimum amount of building and/or contents coverage for a 3-year policy period. An applicant may cancel the group policy at any time and secure a regular Standard Flood Insurance Policy through the NFIP'. Previous 5 Terms: grounding line Groundwater Groundwater ground-water recharge Group Next 5 Terms: Group Health Plan Group name Group of Seven (G-7) Group Or Network Hmo Group quarters About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.