F's of Life Insurance Flashcards
Face
The policy’s first page
Fair Credit Reporting Act
A federal law that established procedures for consumer-reporting agencies to follow to ensure that records are accurate, confidential, relevant, and properly used.
Fiduciary
An agent or broker handling an insurer’s funds in a trust capacity.
Fixed Annuity
An annuity that offers fixed payments and guarantees a minimum interest rate to be credited to the annuity purchase.
Flexible Premium
A policy feature that allows the policy owner to vary the amount and frequency of premium payments.
Flexible Spending Account (FSA)
A salary reduction cafeteria plan that uses employee funds to offer various types of health care benefits.
Foreign Insurer
An insurance provider incorporated in another STATE.
Fraternal Benefit Societies
Life or health insurance companies formed to provide insurance for members of an affiliated religious organization, lodge, or fraternal organization with a representative form of government.
Fraud
Intentional deceit or misrepresentation to induce an individual to part with something of value.
Free Look
A period of time, usually required by law, during which a policyowner may inspect a newly issued individual life or health insurance policy for a stated number of days and surrender it in exchange for a full refund of premium if not satisfied for any reason.
