Literally means material or a structure that will withstand damage by fire. In practical terms in regard to a building it is taken to mean a structure built with steel and concrete or other non-combustible material that will significantly reduce both the probability of fire and its effects once started.
Insurance Encyclopedia
Firewall
A logical or physical discontinuity in a computer network to prevent unauthorised access to data or resources. The secure trusted network is said to be ‘inside’ the wall, the insecure ‘untrusted’ network is ‘outside. See FIRE WALL.
Firm
Title under which a company or partnership transacts business. Where the ‘firm’ is insured as in the case of professional indemnity insurance, the firm continues to be insured although the partners may change. Usually the policy indemnifies predecessors in business. Former partners are able to purchase ‘run off’ cover.
First aid
Immediate initial care of an illness or minor injury (scratches, cuts, burns, splinters) before treatment by medically trained personnel.
First aid services
1.When provided by the insured for the benefit of his employees, these services are stated to be a part of the ‘Business’ See ANCILLARY ACTIVITIES. 2. The Health and Safety (First Aid) Regulations 1981 oblige employers to provide adequate and appropriate equipment and facilities to facilitate first aid treatment for employees and provide an ‘appointed person’ to take charge.
First diagnosis (or occurrence) policy
A policy that pays a lump on the first diagnosis of a specific disease, such as cancer, heart attack, or Alzheimer’s.
First dollar coverage
Insurance coverage that provides for the payment of all losses up to the specified limit without any use of deductibles.
First excess
The first layer of excess of loss cover. Example: the first £300,000 in excess of the reinsured retention of £100,000. The term has also been used in the LMX market to refer to the first excess (i.e. additional deductible) that the reinsured retains for its own account before the excess of loss reinsurer becomes liable.
First Loss
A form of insurance cover in which the sum insured is less than the full value of the insured property, so that the policyholder has to bear any loss in excess of the sum insured. It is appropriate in circumstances where the policyholder considers that a loss in excess of the sum insured is extremely unlikely or the item is effectively priceless. It is commonly used in fire and Burglary insurances. Also, in credit insurance, an excess.
First loss insurance
The first policy that claims are submitted to for a loss, before any other policy that covers the same peril. This term can also mean a policy written for an amount that covers the anticipated loss during the policy term.
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Property insurance where the sum insured is accepted to be less than the value of the property but the insurer undertakes to pay claims up to the sum insured.