Glossary beginning with F | IFFCO Tokio General Insurance Company in India

Glossary beginning with F

Facultative Obligatory Treaty (Also Semi-obligatory Treaty)search for term

A reinsurance contact under which the ceding company may cede exposures or risks of a defined class that the reinsurer must accept if ceded.

Facultative Treatysearch for term

A reinsurance contract under which the ceding company has the option to cede and the reinsurer has the option to accept or decline classified risks of a specific business line. The contract merely reflects how individual facultative reinsurance shall be handled.

Fidelity Bondsearch for term

A form of protection which reimburses an employer for losses caused by dishonest or fraudulent, acts of employees.

Financial Loss Insurancesearch for term

Insurance of legal liability for financial loss not involving bodily injury or loss of or damage to property

Firesearch for term

A combustion accompanied by a flame or glow, which escapes its normal limits to cause damage.

Fire insurancesearch for term

Coverage for losses caused by fire and lightning, as well as the resultant damage caused by smoke and water

Floater Policysearch for term

A policy under the terms of which protection follows moveable property, covering it wherever it may be

Floodsearch for term

Overflow of water from its natural boundaries. More specifically defined by the National Flood Act of 1968 as 'a general and temporary condition of partial or complete inundation of normally dry land areas from (1) the overflow of inland or tidal waters or (2) the unusual and rapid accumulation or runoff of surface waters from any source'.

FOB (f.o.b.)search for term

Abbreviation for free-on-board, used in commerce to describe the value of goods at point of embarkation, excluding transport and insurance costs. Export values are usually expressed f.o.b. for customs and excise purposes, while imports are usually valued cost insurance and freight or charged in full.

Franchisesearch for term

Deductible in which the insurer has no liability if the loss is under a certain amount, but once this amount is exceeded; the entire loss is paid in full.

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