Wieben Insurance Services

Insurance Glossary.....

The information in this glossary is intended to be general in nature and should not be construed as specific recommendations, nor as a substitute for the advice of a professional insurance broker who is familiar with a client's particular exposures or circumstances.

We have endeavored however, to provide information that is as reliable as possible, and request that you contact our professionals at Wieben Insurance Services for the correct application in your particular situation.

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.

Financing Entity:

Provides money for purchases.

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.

Floater:

A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewelry or sports equipment.

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.

Future Purchase Option

Life and health insurance provisions that guarantee the insured the right to buy additional coverage without proving insurability. Also known as "guaranteed insurability option."