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Face AmountThe amount stated on the policy, which would be paid in case of death.

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Face PageIt is first page of a life insurance policy.

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Facility of PaymentA contractual provision that allows the insurer, under stated conditions, to pay insurance benefits of up to $1,000 to a person or persons other than the insured, the designated beneficiary, or the insured's estate.

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Facultative Reinsurance It is a type of reinsurance in which the re-insurer could believe or reject any risk obtainable by an insurance company looking for reinsurance.

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Fair PremiumThe premium level that is just enough to fund an insurer's predictable costs and to offer insurance company holders with a fair return on their invested capital.

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Family PolicyIt is life insurance policy that providing policy coverage on all or numerous family members in one contract.

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FiduciaryA person who has something in trust for another.

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Fidelity BondIt is bond, which guards an employer against false or fraudulent acts of employees, such as misappropriation, fraud, or theft of money.

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Fifteen-Year Level TermIt is a Term Life insurance policy with a level death advantage where the insurance premium stays the same for fifteen years.

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Final ExpensesImmediate expenses acquired at the time of a person's death. These comprise funeral costs, court expenses related with probating his or her will, current bills or debt, and other taxes.

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Fire Insurance Coverage for losses occurred by fire and lightning, plus resulting damage caused by smoke and water.

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First Class LifeAn Individual is categorized as First Class Life if is qualified to have insurance coverage at usual rates of premium.

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First Unpaid Premium (FUP)First unpaid premium refers to the first non-payment in insurance premium by the policy holder.

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Five-Year Level TermIt is a Term Life insurance policy with a level death advantage where the insurance premium remains the same for five years.

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Fixed Amount OptionLife insurance resolution option in which the policy takings are paid out in fixed amounts.

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Fixed AnnuityIt is an annuity whose cyclic payment is a guaranteed fixed amount.

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Fixed ExpensesFixed expenses are those not directly associated to the insurance policy (for example: a premium tax or the payment of a commission related with the sale of a policy), includes such as advertising, accounting, planning, rent, and computer facilities, etc.

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Fixed Period OptionLife insurance resolution option in which the policy takings are paid out in fixed amounts.

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Flexible Premium Policy or AnnuityIt is a life accident policy or annuity under which the insurance policy holder or deal holder might be different the amounts or timing of premium payments.

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Flexible Premium Variable Life InsuranceIt is a life insurance policy that unites the flexible premium characteristic of Universal Life insurance with the equity-based advantage characteristic of Variable Life insurance.

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Foreign InsurerAn insurer is a foreign company in any state other than the one in which it is incorporated.

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Fortuitous LossAny unexpected and unpredicted loss that occurs as a result of chance.

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Franchise InsuranceInsurance under individual agreements issued to the employees of a ordinary employer or the members of an organization under an agreement by which the employer or organization agrees to gather the premiums and forward them to the insurer.

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Fraternal InsuranceInsurance provided by fraternal orders or by way of societies to their members. Such insurance might be written on an appraisal or legal reserve basis.

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Fraternal Life InsuranceLife insurance policy provided by fraternal in orders or by way societies to their members.

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Fraternal SocietyIt is a social organization, which offers insurance for its members.

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Free-Look PeriodA provision obligatory in most states whereby the insurance policy owners have a period of time - generally, 10, 20 or 30 days, depending on state to state- to examine their lately issued policy, and return it for a full refund of premium if not pleased for any reason.

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Funeral ExpensesExpenses incurred for a funeral and other burial cost. These could include casket, vault, grave plot, headstone and as well as the funeral director.

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Future Increase OptionA provision found in some insurance policies, which allows the insured to buy additional disability income cover at specified prospect dates in spite of the insured's physical condition.

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