Glossary

Facultative reinsurance
A type of reinsurance in which the reinsurer can accept or reject any risk presented by an insurance company seeking reinsurance.

Fiduciary
A person who holds something in trust for another.

F.O.R. Free on Rail
Same as F.O.D. contract.

Fire
A combustion accompanied by a flame or glow, which escapes its normal limits to cause damage.

First party claim
A demand made by a policyholder reporting an insured event directly to his company.

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