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- Face Amount: An amount stated
on the face that will be paid in case of death or at the
maturity of the policy.
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- Factory Mutual: Mutual insurance
company insuring only properties that meet high underwriting
standards.
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- Facultative Reinsurance: Type
of reinsurance in which the reinsurer can accept or reject
any risk presented by an insurance company seeking reinsurance.
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- Fair Rental Value: An amount
payable to an insured homeowner for loss of rental income
due to damage that makes the premises uninhabitable.
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- Family Expense Policy: A policy
which insures the medical expenses of both the policyholder
and immediate dependents.
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- Family Income Policy: A insurance
policy that pays an income up to a specific period of time
to the beneficiary after the death of the insured.
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- Family Policy: A life insurance
policy providing insurance on all or several family members
in one contract, generally whole life insurance on the principal
breadwinner and smaller amounts of term insurance on the
other spouse and children.
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- Farmowners-Ranchowners Policy:
A package policy for a farm or a ranch, providing property
and liability coverage's.
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- Federal Crop Insurance: A comprehensive
coverage at rates subsidized by the federal government for
unavoidable crop losses.
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- Federal Flood Insurance: A type
or insurance sold by private insurers (with rates subsidized
by the federal government) to persons who reside in flood
zones and whose community joins the program and agrees to
establish and enforce flood control and land-use measures.
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- Fidelity Bond: A bond that will
reimburse an employer for losses caused by dishonest or
fraudulent acts of employees.
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- Fiduciary: A person who holding
the funds or property of another in trust.
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- Financial Responsibility Law:
A state law which may require motorists to furnish evidence,
either before or after involvement in an auto accident of
ability to pay for damages up to certain minimum dollar
limits.
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- Fire: Combustion accompanied
by a flame or glow, which escapes normal confines to cause
damage.
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- Fire Legal Liability: Liability
of a business or a person for damage caused by negligence
to property of others.
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- First Party Insurance: Insurance
coverage which the policyholder collects compensation for
losses from the insured's own insurer.
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- Fixed Annuity: Annuity whose
periodic payment is a guaranteed fixed amount.
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- Fixed Period Installments: Life
insurance settlement option in which the policy proceeds
are paid out in fixed amounts.
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- Floater: An insurance policy
that covers property that can be moved from one location
to another for both transportation perils and perils affecting
property at a fixed location.
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- Flood Insurance: Coverage against
loss resulting from rising water.
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- Forfeitures: Amounts contributed
on behalf of terminated, non-vested participants.
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- 401(k) Plan: A salary reduction
plan that allows employees to contribute a portion of their
salaries on a tax-deferred basis.
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- Franchise Deductible: Deductible
in which the insurer has no liability if the loss is under
a certain amount, but once this amount is exceeded, the
entire loss is paid in full.
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- Franchise Insurance: A type
of insurance in which individual polices are issued to the
employees of a common employer or the members of an association.
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- Fraternal Insurance: Insurance
offered to a social organizations for their members.
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- Fund: Money held in trust to
pay pension benefits.
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- Future Increase Option: An option
that allows the insured to purchase additional disability
income insurance at a specified future date without evidence
of insurability.
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Back to the Glossary
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