Final answer:
In North Carolina, the Coastal Hazard Policy (CHP) experiences significant hurricane loss, which is referred to as catastrophic.
Step-by-step explanation:
In North Carolina, the term 'CHP' refers to the Coastal Hazard Policy. The catastrophic experience in this context refers to the significant hurricane loss. Hurricanes can cause extensive damage to coastal areas, leading to property damage, loss of life, and economic impacts. North Carolina is prone to hurricanes due to its geographical location on the Atlantic coast, making it important for the state to have policies and measures in place to minimize the impact of these natural disasters.