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Quality Insurance
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FC&S Bulletins. Fire, Casualty, and Surety Bulletins.
A service, published by the National Underwriters Company, explaining coverages, forms, underwriting, and rating procedures for the various Property, Casualty, and Surety lines of insurance. (G)
FCII.
Fellow of the Chartered Insurance Institute, whose designation is gained by the completion of examinations and other requisites. (G)
FDIC.
See Federal Deposit Insurance Corporation. (G)
FICA. Federal Insurance Contributions Act.
A law imposing a payroll tax to assist in funding Social Security benefits. (G)
FOB.
See Free On Board. (G)
FSA.
See Fellow of the Society of Actuaries. (G)
FSLIC.
See Federal Savings and Loan Insurance Corporation. (G)
Face Amount.
The amount of insurance provided by the terms of an insurance contract, usually found on the face of the policy. In a Life Insurance policy, the death benefit. (G)
Fair Credit Reporting Act.
Public Law 91-508 requires that an applicant be advised if a consumer report may be requested and be told the scope of the possible investigation. Should his request for insurance be declined because of information contained in that report, the applicant must be given the name and address of the reporting agency. (G)
Federal Deposit Insurance Corporation (FDIC).
An agency of the federal government which insures bank deposits up to a stated maximum. (G)
Federal Estate Tax.
The federal tax which is imposed on the deceased's estate which includes the total assets comprising a person's estate at death. (G)
Federal Insurance Administration.
A government office, part of HUD, which oversees the handling of FAIR plans, Federal Crime Insurance plans, and the Flood program. (G)
Federal Insurance Contributions Act (FICA).
See FICA. (G)
Federal Savings and Loan Insurance Corporation.
A United States government instrumentality that insures share accounts in savings and loans and similar institutions up to a maximum per account. (G)
Fictitious Groups.
Groups formed primarily for the purpose of buying insurance. Under the law such groups may not be underwritten. (G)
Fiduciary.
A person holding the funds or property of another in a position of trust. An example would be the executor of an estate. (G)
Field.
(1) See Field Force. (2) A type or line of insurance as "in the Life Insurance field." (3) An area or territory covered by an agent, agency, or insurer. (G)
Field Force.
The agents and supervisory personnel of insurers who operate away from the home office in the branch offices and agencies of the company. (G)
Field Representative.
See Special Agent. (G)
Financial Statement.
The disclosure of the financial results of a firm's operations. It involves the balance sheet, profit and loss statement, and associated information. (G)
Fine Print.
A reference to imaginary small type in a policy contract supposedly containing exclusions, reductions, exemptions, and limitations of coverage. Most state laws include specifications for the minimum type size that can be used in a policy, and they also provide that exclusions cannot be printed in type smaller than that used to print the benefits. (G)
Fire Mark.
An insignia, generally metal, once placed on buildings insured by the insurer represented by the mark. Since the insurers had their own fire brigades, they had to check the mark on a burning building to determine whether or not they should extinguish the fire. (G)
First Loss Insurance.
(1) Popularly used, an insurance policy which is called upon to pay a loss before others covering the same risk. (2) A contract written in such an amount as to cover only an insured's expected loss during the policy period with no other insurance in existence. (G)
"First" Named Insured.
The first named insured appearing on a commercial policy. The latest forms permit the insurer to satisfy contractual duties by giving notice to the "first" named insured rather than requiring notice to all named insureds. (G)
First Party Insurance.
Insurance which applies to coverage for the insured's own property or person. Contrast with Third Party Insurance. (G)
First Year.
The term used to refer to various matters during the first year a policy is in force, such as first year premiums and first year claims. (G)
First Year Commission.
The commission paid on the first year's premium. (G)
Flat.
Without interest or service charges. See also Flat Cancellation. (G)
Flat Cancellation.
A policy which is cancelled upon its effective date. Usually under a flat cancellation no premium charge is made. (G)
Flat Commission.
A standard scale commission paid to an agent regardless of the type of exposure or the type of policy. Contrast with Graded Commission. (G)
Flesch Test.
A method for determining the degree of ease or difficulty for reading material. This method counts not only the number of words in a sentence, but also the number of syllables in each word. It has come into popular use because of recent state laws requiring that contracts of insurance be easily understandable by someone at the eighth grade level. (G)
Foreign Insurer.
An insurer domiciled in a state of the United States other than the one in which the insured's insurance is written. (G)
Form.
(1) An insurance document which, when attached to a policy, makes it complete. For example, a Standard Fire policy would have to have a Business Interruption form attached to it to make up a Business Interruption policy. (2) Any rider or endorsement, such as a Deductible Endorsement "form." (G)
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