Insurance Gobbledygook Made Simple
Plain english explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.
FFace value the dollar amount on the face of the policy that will be paid by the company at death or at the maturity of the policy. The actual sum may be higher or lower depending on the options selected, outstanding policy loans or premium owed.Family policya life insurance policy providing insurance on all or several family members under one contract.Fee for servicea health plan that allows you, as the patient, to use any doctors you want, but requires you pay for the services yourself and file (or your provider files) claims for reimbursement.Flexible premium policy a life insurance policy where the policyholder can vary the time or amounts of the premiums.Fraternal life insurance life insurance provided by fraternal societies to its membership.Free examination period also known as."10-day free-look period." it is the time period after a life insurance policy is delivered during which you can decide whether to keep it or return it to the company for a full refund of the initial premium.Free lookthe period during which you may reconsider the purchase of an insurance policy, cancel, and get a full refund. The clock starts running the day you receive the policy. Check your stateâs insurance law for the specific provisions that apply in your state.