A glossary of commonly used general insurance and risk management terms.
A B C D E F H I J L M N O P Q R S T U V W
FAIR MARKET VALUE – The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy.
FIRE – Combustion sufficient to produce a spark, flame, or glow and which is hostile (as opposed to friendly – i.e., not in the place where it is intended to be, such as in a furnace.)
FIRE INSURANCE – Coverage for loss of or damage to a building and/or contents due to fire.
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. Can be added as an extension to an All Risk policy.
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.