Insurance Terms: F

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Insurance Terms-A
  • Face Amount is the fixed-amount of value for a whole life insurance policy. The actual amount to be paid in the even of death or at maturity of a life insurance policy, not including any dividend additions or additional amounts payable under an accidental death clause or other provision of the life insurance policy.
  • FAIR Access To Insurance Requirements Plans–FAIR PLANS Are Insurance pools selling property insurance coverage to customers who are unable to purchase insurance in the commercial market due to high risks they may have no control over. There are 28 states with FAIR Plans covering fire, vandalism, riot and windstorm losses. Some of the Fair Plans offer Homeowners insurance including Liability. The Plans offered vary by state, and require property insurers licensed in that state to participate in the pool by sharing a portion of the profits and losses.
  • Federal Insurance Administration (FIA) Is the Federal agency in charge of oversight and administration of the National Flood Insurance Program. It doesn’t regulate the insurance industry. Each state regulates their own insurance industry.
  • Financial Responsibility Law also known as Compulsory Auto Insurance is require in some states driving laws. In a state requires compulsory insurance or financial responsibility all drivers must show proof can pay for damages up to a stated minimum amount if there is an accident. The laws vary from one state to another.
  • Fire Insurance Is Insurance coverage that offers protection for property from losses caused by a Fire or Lightning. Fire Insurance is also known as a Dwelling Policy and is the foundation for homeowners and commercial Multiple Peril Policies.
  • Floater are separate policies offered to cover the value of goods or personal property over and above the basic coverage offered in a standard policy. A Floater added to a standard renters insurance policy may include personal property such as jewelry or sports equipment.
  • Flood Insurance is property insurance coverage for the named peril of flood. Flood Insurance can be purchased from any licensed insurance agent but is only offered from federal government under the National Flood Insurance Program. Flood damage is not covered under homeowners policies and many commercial property policies. Flood damage to a car is covered under the comprehensive portion an auto insurance policy.
  • Form An insurance form is the policy structure and contract paperwork an insurance company has submitted and approved with a state. A common look at how Insurance Forms might vary is with the Homeowner policies.
  • Fraud Is the intentional lying or concealment by an insurance policyholder in order to receive a claim payment that would otherwise not be paid. Insurance fraud includes, any lying or misrepresentation by the insurance company managers, employees, agents and brokers for financial gain.

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Glossary of Insurance Terms:

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