facultative reinsurance: Reinsurance negotiated on an individual issue-by-issue basis rather than on a treaty basis.
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Face Amount – insurance term definition
face amount: The amount stated on the face of the insurance policy that will be paid in case of death or at maturity. It does not include dividend additions or additional amounts payable under accidental death or other special provisions.
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Ffs – insurance term definition
FFS: Fee For Service plan, also called traditional indemnity. FFS coverage offers flexibility in exchange for higher out-of-pocket expenses, more paperwork, and higher premiums. You may choose your own doctors and hospitals. You may visit any specialist without getting permission. There’s typically a deductible (anywhere from $500 to $1,500) before the insurance company starts paying claims, and then doctors are reimbursed about 80 percent of the bill while you pick up the remaining 20 percent. You may have to pay up front for medical services, then submit the bill for reimbursement. FFS plans only pay for “reasonable and customary” medical expenses. If your doctor charges more than the average for your area, you will have to pay the difference.
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extended term insurance: A form of insurance available as a non-forfeiture option. It provides the original amount of insurance for a limited period of time.
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exposure in force: Total principal and interest obligations currently outstanding under policies to date.
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experience refund: Amount returned by an insurer to a group policyholder when the financial experience of a particular group (or class to which the group belongs) has been more favorable than anticipated.
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experience rating: Process of determining the premium rate for a group based wholly or partially on that risk’s experience.
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Experience – insurance term definition
experience: Relationship, usually expressed as a percent or ratio, of claims to premiums for a stated period.
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expense ratio: The sum of general insurance expenses, direct commissions, and net commissions and expense allowances on reinsurance assumed and ceded, as a percentage of net premiums and annuity and fund deposits.
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expectation of life: See life expectancy.
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