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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

F

FACE VALUE

The amount of money the issuer agrees to pay upon the maturity of a debt instrument.

FAIR MARKET VALUE

The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy.

FIFO

The first-in, first-out accounting method of valuing inventory. It assumes that the first units in are the first to be sold and the units sold are costed at the initial price.

FINANCIAL RISK

Economic risk that is associated with the use of borrowed funds (leveraged funds).

FIRE HYDRANT

Pipe, on the side of a street or wall of a building, with a valve for drawing water, used by firefighters.

FIREPLACE

Type of heating used in some dwellings.

FIRE RESISTIVE CONSTRUCTION

A building, which has exterior walls, floors, and roof constructed of masonry or other fire-resistive materials.

FLOATER POLICY

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

FLOOD INSURANCE

A form of insurance designed to reimburse property owners from loss due to the defined peril of flood. Usually sold in connection with a government Flood Insurance plan.

FORGERY

In general, any false writing with intent to defraud.

FORM

An insurance policy itself or riders and endorsements attached to it.

FORTUITOUS EVENT

An unforeseen accident.

FRAUD

An act of willful deception and dishonesty carried out with a view to securing some advantage, to which one is not entitled.

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