Face Amount: The amount covered by the terms of an insurance contract, usually found on the first page of the policy.
Fiduciary Liability: The liability placed on trustees, employers, fiduciaries and professional administrators with respect to errors and omissions in the administration of employee benefit programs
Final Expenses: Expenses incurred at the time of a person's death. These include but are not limited to:funeral costs, court expenses, current bills or debt, mortgages, loans and taxes.
Fine Arts Coverage: Property insurance for works of art
Fire Department Service Charge Coverage: Coverage in a property insurance policy for charges incurred by the insured from a fire department for their services in fighting a fire
Fire Legal Liability Coverage: Liability coverage for the insured's legal liability for fire damage to premises rented by the insured
Fire Wall: A wall designed to prevent the spread of fire from one part of a building to another
Firewall: A computer that protects a company's private network from outside internet users
Fixed Benefit: A death benefit, the dollar amount of which does not vary.
Flat Cancellation: The full cancellation of a policy as of the effective date of coverage which requires the return of paid premium in full
Flood Coverage: Coverage for damage to property caused by flood
Flood Exclusion: A provision in most all property insurance policies eliminating coverage for damage by flood and possibly other types of water damage, such as seepage and sewer backup
Follow Form: An umbrella policy provision that follows the underlying policy for coverages and policy provisions
Forgery or Alteration Coverage: Covers loss due to the dishonesty of writing, signing or altering of checks and bank drafts
Fortuitous Event: An event that is subject to chance without the implication of suddenness
Free Look: Trial period required in most states where policy owners have up to 20 days to examine their new policies with no obligation.
Frequency: The number of times that a loss will occur within any given period of time
Full Coverage: Any form of insurance that provides payment in full of all losses caused by the perils insured against without applying a deductible or depreciation
Funeral Expenses: Expenses including casket, vault, grave plot, headstone and funeral director.
Abandonment: As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.
Accelerated Benefits Rider: An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury.
Accidental Death Benefit Rider: An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy.
Accidental Death Insurance: An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.
Accounts Receivable Coverage: Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records
Actual Cash Value (ACV): Cost to repair or replace damaged property with materials of like kind and quality, less depreciation
Additional Insured: A person or organization for whom insured status is arranged by endorsement
Advertising Injury: General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services
Agent: An authorized representative of an insurance company.
Aggregate: The maximum amount an insurance company will pay during the policy
All Risk Coverage: Property insurance covering loss arising from all causes of loss except those that are specifically excluded
Annually Renewable Term: Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year.
Application: A form with the information needed for an insurance company to underwrite and rate a specific policy
Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another.
Attained Age: Your current age. Your attained age is a factors life insurance companies use to determine premiums.
Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums
Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'