Face Amount: The amount of the death benefit payable if the insured person dies while the
policy is in effect.

Fidelity Bond: A bond which will reimburse an employer for loss up to the amount of the
bond, sustained by an employer (the insured) by reason of any dishonest act of an
employee (or employees) covered by the bond.

Fire: Combustion sufficient to product 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 as in a furnace or

Fire Insurance: (1) Insurance contracts that indemnify an insured for loss caused by the
destruction of the insured's property resulting from a fire; (2) The field of insurance that
provides insurance policies on the insured's property for a variety of perils, including fire.

First Names Insured: The first named insured appearing on a commercial policy. The latest
forms permit the insurer to satisfy contractual duties by giving notice to the "first" named
insured rather than requiring notice to all named insureds.

FSA: An acronym for "Flexible Spending Accounts." It allows employees to set aside
pre-taxed income for routine medical expenses.

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

Flood Insurance: An insurance policy that pays the homeowner for damages caused by

The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc.  All rights reserved.
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