Field
Adjuster -
An
insurance adjuster who works primarily outside of an office
and often meets personally with the public. Field adjusters
can conduct face-to-face meetings, negotiations with
claimants, scene investigations, and damage inspections.
Financed Car -
An
auto purchase financed by a loan. The lender retains a lien on
the auto until it has been paid off.
First Party -
There
are two parties to the policy contract: the insured and the
insurance company. This term refers to the insured.
First Party Claims
-
A
claim for damage, loss or injury made by an insured.
Forms -
Two
types of forms are important in insurance: 1. preprinted
contracts that form your insurance policy, 2. questionnaires
or coverage selection forms that a policyholder is required to
fill out.
Farmowners - RANCHOWNERS INSURANCE
Package policy that protects the policyholder against named
perils and liabilities and usually covers homes and their
contents, along with barns, stables, and other structures.
Federal funds
-
Reserve balances that depository
institutions lend each other, usually on an overnight basis.
In addition, Federal funds include certain other kinds of
borrowings by depository institutions from each other and from
federal agencies.
Federal
Insurance Administration /FIA - Federal agency in
charge of administering the National Flood Insurance Program.
It does not regulate the insurance industry.
Federal
Reserve Board - Seven-member
board that supervises the banking system by issuing
regulations controlling bank holding companies and federal
laws over the banking industry. It also controls and oversees
the U.S. monetary system and credit supply.
Fidelity Bond - A form
of protection that covers policyholders for losses that they
incur as a result of fraudulent acts by specified individuals.
It usually insures a business for losses caused by the
dishonest acts of its employees.
File-and-Use Rating Laws - State-based
laws which permit insurers to adopt new rates without the
prior approval of the insurance department. Usually insurers
submit their new rates with supporting statistical data.
Floater - Attached to a
homeowners policy, a floater insures movable property,
covering losses wherever they may occur. Among the items often
insured with a floater are expensive jewelry, musical
instruments, and furs. It provides broader coverage than a
regular homeowners policy for these items.
Flood Insurance -
Coverage for flood damage is available from the federal
government under the National Flood Insurance Program but is
sold by licensed insurance agents. Flood coverage is excluded
under homeowners policies and many commercial property
policies. However, flood damage is covered under the
comprehensive portion of an auto insurance policy. (See
Adverse selection)
Forced
Place Insurance - Insurance purchased by a bank or
creditor on an uninsured debtor’s behalf so if the
property is damaged, funding is available to repair it.
FOREIGN INSURANCE COMPANY -
Name given to an insurance company based in one state by the
other states in which it does business.
Fraud - Intentional
lying or concealment by policyholders to obtain payment of an
insurance claim that would otherwise not be paid, or lying or
misrepresentation by the insurance company managers,
employees, agents, and brokers for financial gain.
Free-Look-Period - A
period of up to one month during which the purchaser of an
annuity can cancel the contract with no penalty. Rules vary by
state.
Frequency -
Number of times a loss occurs. One of the criteria used in
calculating premium rates.
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