Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 7 of 31 matching terms
Terms beginning with F
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Formulary
Health insurance - A health plan’s list of covered prescription drugs, often organized into cost-sharing tiers.
- Also called: drug list
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FR-44
Auto insurance - A financial-responsibility filing required in certain states after specified serious driving offenses, generally with higher liability limits than an SR-22.
- Also called: FR-44 certificate
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Fraud investigation
Claims - A review of possible material deception or misrepresentation connected with an insurance application or claim.
- Also called: special investigation
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Free-look period
Life insurance - A state-required or contract-provided period after delivery in which a buyer may cancel a life policy or annuity under stated rules.
- Also called: right-to-examine period
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Fronting insurer
General insurance - An insurer that issues a policy and transfers much of the risk to a reinsurer while retaining specified responsibilities.
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Full coverage
Auto insurance - An informal phrase commonly referring to liability plus collision and comprehensive coverage; it does not mean every possible loss is covered.
- Also called: full coverage car insurance
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Functional replacement cost
Home insurance - A valuation method that may pay to replace damaged property with modern materials or construction serving the same function.