Definition of Submit-for-Rate

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TeachMeFinance.com - explain Submit-for-Rate



Submit-for-Rate

The term 'Submit-for-Rate' as it applies to the area of flooding can be defined as 'An application for flood insurance on a building for which no risk rate is published in the Flood Insurance Manual. Insurance coverage can be obtained only after the NFIP has approved the application and has established the risk premium rate'.

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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".


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