GLOSSARY OF TERMS

F TERMS

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.