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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
A
B C
D E
F G
H I
J K L
M N
O P
Q R
S T
U V
W X Y Z #
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Federal Employees Compensation Act: Under this Act, workers compensation benefits are provided to civilian federal government employees. The U.S. government administers and operates the system, as well as provides the benefits. Therefore, no private insurance is
involved
Face Value: The dollar amount on the face of the policy that will be paid by the company at death or at the maturity of the policy. The actual sum may be higher or lower depending on the options selected, outstanding policy loans or premium owed.
Family Automobile Policy: Now replaced by the Personal Auto Policy, the Family Auto Policy was a package policy in which both liability and physical damage protection to an insured's vehicle was offered under one policy.
Family Policy: A life insurance policy providing insurance on all or several family members under one contract.
Federal Employers Liability Act (FELA): Passed by Congress in 1908 before there were worker compensation statutes and benefits in this country, this Act applies to railroad workers only. It puts injured workers in a favorable position in terms of liability claims, allowing them to sue the employer for negligence. Because railroad workers and their unions were unwilling to trade their favorable positions for statutory benefits, they remain exempt from compensation laws in many states. Cases are decided on the issue of employer liability.
Fee for Service: A health plan that allows you, as the patient, to use any doctors you want, but requires you pay for the services yourself and file (or your provider files) claims for reimbursement.
Financial Ratings: Financial ratings reflect a rating organization's opinion on the financial strength and ability to meet ongoing obligations to policyholders. The ratings organizations most commonly identified with the insurance industry are AM Best, Standard & Poor's and
Moody's.
Financial Responsibility Laws: Financial responsibility laws require owners and operators of autos to maintain enough money to compensate those they injure. Liability insurance is the most common way to satisfy these requirements.
First Party Benefits: This pays policyholders and others covered by the policy in the event of injury, no matter who caused the accident. The benefits can include medical expenses, loss of income, funeral and death benefits. This may also be called Personal Injury Protection.
Flexible Premium Policy: A life insurance policy where the policyholder can vary the time or amounts of the premiums.
Fraternal Life Insurance: Life insurance provided by fraternal societies to its membership.
Free Examination Period: Also known as."10-day free-look period." it is the time period after a life insurance policy is delivered during which you can decide whether to keep it or return it to the company for a full refund of the initial premium.
Free Look: The period during which you may reconsider the purchase of an insurance policy, cancel, and get a full refund. The clock starts running the day you receive the policy. Check your state’s insurance law for the specific provisions that apply in your state.
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