Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: F

FULL TIME EMPLOYEE

A person working 35 to 40 hours each week, every week. Refer to salaried worker.

FUNCTIONAL

Capable of performing one or more practical activities. Synonyms are worthwhile, useful, working.

FUTURES CONTRACT MULTIPLE

Standardized, constant value stated by an exchange. Futures stock index calculates to a dollar value when a traded commodity price is multiplied by this constant.

FACILITY OF PAYMENT CLAUSE

A rule in life insurance that lets the insurer pay some proceeds to a relative that is entitled to the policy. It minimizes legal costs on estates.

FAIL SOFT

Equipment that fails in a selective way by shutting down the nonessential functions. It keeps primary work going until it can be fixed.

FAMILY AUTOMOBILE POLICY

Insurance for injury or property damage to another party or vehicle. It is nonexistent anymore being replaced by auto insurance.

FAT CLIENT

A computer that is not dependent on the applications. It does its job without a network connection. It reduces server load. Refer to thin client.

FEASIBILITY PHASE

A phase before design where a concpet is looked at to see if its worthwhile.

FEED BACKWARD

Taking the output and returning it to the earlier step for corrections.

FHA PREPAYMENT EXPERIENCE

The mortgage loans outstanding each year after it was started. It is a percent that effects survival rates for the FHA insured mortgage loans.

FILER

A party that files an official document at its office or deposit place.

FINAL PAYMENT

A payment that brings a balance to zero to pay an obligation.

FINANCIAL HIGHLIGHTS

A summary of financial happenings in a company. It is publicly known and shared with shareholders. It can use performance statistics, net cash flow, or acquisition information. A government agency may also

FINANCIAL PAPER

COMMERCIAL PAPER issued by a BANK or SECURITIES FIRM. See also INDUSTRIAL PAPER.

FINANCIAL SERVICES

Skills and offers that are offered by a bank or financial institution. It can be a savings accoung, checking account, confirming, leasing, or money transfer.

Topic Archives:

Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.