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F Fair Market Value
Price at which a buyer and seller, under no compulsion to buy or sell, will trade. Fire Damage
Damage caused by fire. Fire Insurance
Coverage for losses from fire and lightning and also the resultant damage caused by smoke and water. Usually supplemented by Extended Coverage Insurance. See definition. Fire Resistant
A fire resistant building or article is generally designed to resist certain higher heat temperatures for a certain period of time. It has a lesser degree of resistance to fire and ranks slightly more hazardous than "fireproof."
Fixed Assets
Tangible long-term assets such as land, building, furniture, fixtures, machinery, equipment etc. held for use rather than for sale. Fixtures
Anything that is attached to real property is known as a "fixture." Fixtures when permanently attached to real property become part of the real property. Tenant's fixtures are fixtures of a removable nature and are the responsibility of the tenant for insurance purposes. Whether a fixture is a tenant's fixture and movable or a landlord's fixture and immovable is frequently determined by the purpose of the fixture.
Fleet Policy
In automobile insurance, this is a policy insuring a number of cars for one owner. In marine insurance, a policy insuring a number of ships for one owner. Forgery
1) The illegal signing of another's name to a document, such as, a cheque.
2) Falsely making or altering a written instrument.
Fraud
1) Methods used to deceive to cause unwarranted favourable decision for one's own benefit.
2) Deliberate misrepresentation or misstatement.
3) Concealment of facts which should at the time be made known.
Fraudulent
Dishonest; based on or obtained by fraud.
Fraudulent Misrepresentation
A false statement made knowing it to be false and intending another to act on it to his detriment, or made carelessly or recklessly without regard to whether it is true or false.
In insurance it is most frequently found in the intentional misrepresentation of a risk to obtain insurance or in proof of loss after the loss occurs.
Free on Board (F.O.B.)
When goods are shipped F.O.B., the shipper is responsible only until the goods have been placed on board the vessel or freight car or truck or other means of transport. After that the risk belongs to the consignee.
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