Insurance terms starting with F

18 terms

  1. Face Amount The amount stated on the face of the policy that will be paid in case of death or at maturity.
  2. Federal Emergency Management Agency (FEMA) Federal agency responsible for the emergency evaluation and response to all disasters, natural and man-made.
  3. Federal Policy Fee A flat charge that the policyholder must pay on each new or renewal policy to defray certain administrative expenses incurred in carrying out the National…
  4. File and Use Residential property rates utilize a system called “file and use.” Under this system, insurance companies file their rates with the Texas Department…
  5. First Party The policyholder (insured) in an insurance contract.
  6. First-party claim A claim filed by an insured against his or her own insurance policy.
  7. Floater Additional coverage for personal property such as jewelry, artwork, or antiques not otherwise included in the homeowners policy, or included for a nominal…
  8. Flood A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least…
  9. Flood Disaster Protection Act (FDPA) of 1973 Made the purchase of flood insurance mandatory for the protection of property located in Special Flood Hazard Areas.
  10. Flood Hazard Boundary Map (FHBM) Official map of a community issued by the Federal Insurance Administrator, where the boundaries of the flood, mudflow, and related erosion areas having…
  11. Flood Insurance Flood insurance protects against water from an overflowing river or a hurricane's tidal surge and also covers damage from water that builds up during…
  12. Flood Insurance Rate Map (FIRM) Official map of a community on which the Mitigation Division Administrator has delineated both the special hazard areas and the risk premium zones…
  13. Flood Zone (Zone) A geographical area shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map that reflects the severity or type of flooding in the area.
  14. Floodplain Any land area susceptible to being inundated by floodwaters from any source.
  15. Floodplain Management The operation of an overall program of corrective and preventive measures for reducing flood damage, including but not limited to, emergency preparedness…
  16. Full Replacement Policy A homeowner's policy that pays the full replacement cost, up to the policy maximum, to repair or restore damaged property.
  17. Full Tort With a Full Tort selection, you retain unrestricted rights to bring suit against the negligent party.
  18. Funeral Benefit This coverage pays, up to a certain dollar amount, money for funeral expenses if you or a family member dies as a result of an auto accident.