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

Category: F

FULL REPORTING CLAUSE

Commercial insurance requirement for periodic (annual?) reporting of asset value to the insurer by the policyholder. Coverage sufficiency for the asset is assessed for potential loss. A failure-to-report-accurate-value penalty is included.

FUNDAMENTAL

Foundational; bottom-line component; vital point; without this item, nothing constructive can be built; a core or key aspect of something bigger.

FUTURE

An EXCHANGETRADED DERIVATIVE contract that permits the purchaser to buy, and the seller to sell, an ASSET at a predetermined future price and delivery date. Standardized futures contracts are available on assets/securities

FUTUROLOGY

Using several methodologies, like computer modeling and Delphi method, in an intensive study of historical and current trends as a systematic attempt to predict future developments. Contingency, long range, and strategic planning

FAILURE MODE

How equipment failure happens due to premature operation, scheduled failure, shutting down, during operatoin, or degraded functionality.

FAMILY INCOME POLICY

Life insurance that takes ordinary and decreasing life insurance. It helps children get payments if the person passes before a period of time. If they are still alive they get the face

FATIGUE

1.the diminshed capacity to perform due to tiredness. It happens due to exertion and can cause illness. 2. when a material can fracture under stress. Refer to fatigue strength.

FEEDER AIRLINE

A carrier that brings travelers from destinations not served by the larger carriers. It brings them to a main hub.

FICO SCORE

A credit score used for mortgages for borrower ability to pay. It is short for fair isaac corporation.

FIELD UNDERWRITING

The first decisions of an insurance agent about the possible client to see if they meet underwriting standards.

FILM

A material that is .25 mm thick. Anything thinner is foil. The thicker stuff is a sheet.

FINANCE COMPANY

An organization that takes deposits and lends to a consumer or businesses.

FINANCIAL COVENANTS

The conditions of a loan contract that lets management stay in limits of a firm’s operations.The borrowing firm promises to adhere to the limits put before them in order to keep the

FINANCIAL INFORMATION EXCHANGE (FIX)

An open source that is free. It exchanges data on security transactions with a messaging standard so it is done in real time. It promises a flow of financial information across borders.

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