Insurance Glossary: F

File-and-Use Rating Laws - State-based laws which permit insurers to adopt new rates without the prior approval of the insurance department. Usually insurers submit their new rates with supporting statistical data.

Financing Entity - Provides money for purchases.

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.

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."

FAA-Federal Aviation Administration

FAC-facultative reinsurance

FACTA-Fair and Accurate Credit Transactions Act of 2003

FAIA-Florida Association of Insurance Agents

FAIR-Fair Access to Insurance Requirements

FALU-Fellow of the Academy of Life Underwriting

FAP-family automobile policy (more commonly PAP)

FAR-Federal Aviation Regulations

FAS-free alongside (ocean marine cargo); Financial Accounting Standards

FASB-Financial Accounting Standards Board

FATA-Financial Anti-Terrorism Act (Patriot Act) of 2001

F&C-fire and casualty

FCAS-Fellow of the Casualty Actuarial Society

FCC-Federal Communications Commission

FCE-functional capacity evaluation

FCIC-Federal Crop Insurance Corporation

FCII-Fellowship of the Chartered Insurance Institute (British)

FCLA-Fraud Claim Law Associate

FCLS-Fraud Claim Law Specialist

FCMS&HA-Federal Coal Mine Safety and Health Act of 1969

FCPA-Federal Corrupt Practices Act of 1910

FCPL-farmers comprehensive personal liability

FCRA-Fair Credit Reporting Act of 1970

FC&S-free of capture and seizure (warranty)

FDA-Food and Drug Administration

FDI-foreign direct investment

FDIC-Federal Deposit Insurance Corporation

FDPA-Flood Disaster Protection Act of 1973

FECA-Federal Employees' Compensation Act of 1916

FEGLI-Federal Employees Group Life Insurance

FELA-Federal Employers Liability Act of 1908

FEMA-Federal Emergency Management Agency

FERMA-Federation of European Risk Management Associations

FET-federal excise tax

FHBM-flood hazard boundary map

FHWA-Federal Highway Administration

FIA-Federal Insurance Administration; Fellow of the Institute of Actuaries; full interest admitted

FIC-Fraternal Insurance Counselor

FICA-Federal Insurance Contribution Act of 1935

FICC-Federation of Insurance and Corporate Counsel

FIFO-first in, first out

FIIC-Fellow of the Insurance Institute of Canada

FIRM-flood insurance rate map

FIRREA-Financial Institutions Reform Recovery and Enforcement Act of 1989

FLMI-Fellow of the Life Management Institute

FLSA-Fair Labor Standards Act of 1938

FM-factory mutual

FMCSA-Federal Motor Carrier Safety Administration

FMCSR-Federal Motor Carrier Safety Regulations

FMLA-Family and Medical Leave Act of 1993

FMV-fair market value

FNMA-Federal National Mortgage Association

FOB-free on board

FOC-Fire Office Committee Forms

FOSFI-Federal Office of the Superintendent of Financial Institutions

FPA-free of particular average

FPAAC-free of particular average (American conditions)

FPAEC-free of particular average (English conditions)

FPEB-Fire Prevention and Engineering Bureau

FR-farm and ranch (forms); fire resistive

FRM-Fellow in Risk Management

FRV-fair rental value (coverage)

FSA-Fellow of the Society of Actuaries; flexible spending account; field service advice

FSLIC-Federal Savings and Loan Insurance Corporation

FSR-financial strength rating

FT-financial transformation

FTC-Federal Trade Commission

FTCAC-fire, theft, and combined additional coverage

FVD-full value declared