- Face:
- The first page of a life insurance contract.
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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:
- A 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.
- 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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