Author: FastInsurance24.com

GSE: Government-sponsored enterprises (Freddie Mac and Fannie Mae)

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GIC: Guaranteed investment contract

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GAC: Guaranteed accumulation contract

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GAAP accounting: Generally Accepted Accounting Principles as promulgated by the Financial Accounting Standards Board (FASB).

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frequency: The number of mortgages in a class that go to claim over a given period of time divided by the total original number of mortgages in that class.

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fraud: Dishonest act by policyholders to obtain payment of an insurance claim that would otherwise not be covered by insurance. It also could involve lying or misrepresentation by an insurance company or its officials.

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fraternal life insurance: Life insurance provided by fraternal orders or societies to their members.

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franchise insurance: Insurance contracts issued to members of a specific group (such as employees of a common employer or members of an association) under a group-like arrangement in which the employer or the association collects and remits premiums.

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flood insurance: A regular homeownerÆs policy will not pay for damages caused by flooding. In order to get the coverage, youÆll have to go to some outfit that writes for the National Flood Insurance Program. Outside of fire, flooding is the most widespread natural disaster. If your community participates in NFIPÆs floodplain management program, you should be eligible to buy the coverage. The only people who may have trouble finding flood coverage are residents of “coastal barrier resource system” areas and communities that do not participate in NFIPÆs programs. Flood insurance is also available to renters, condominium owners, and co-op owners.

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flexible premium variable life insurance: A life insurance policy that combines the premium flexibility feature of universal life insurance with the equity-based benefit feature of variable life insurance.

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