A property insurance for an amount known to be less than the value of risk. It is used when it is inconceivable that all property would be lost in a single claim, e.g. theft of total stock of heavy steel. The insurer pays all losses up to the agreed sum insured unless the insured has understated the value at risk in which case a form of average will be applied.
Insurance Encyclopedia
First named insured
The first person listed on a commercial insurance policy.
***
An insurance policy may have more than one party named as insured. In such cases, the first named insured attends to policy housekeeping, that is, pays premiums, initiates (or receives notice of) cancellation, or calls for interim changes in the contract. This is spelled out in commercial policies in the common policy conditions.
First notice of loss
The first report the carrier receives from the insured that a loss has occurred. This begins the claims process.
Shortened to FNOL
First Offer Plan
A provision in a buy-sell agreement which specifies that an offer to sell common stock must first be made to current stockholders.
First party claim
a demand made by a policyholder reporting an insured event directly to his company.
First Party Coverage
An insurance coverage under which the policyholder collects compensation for losses from the insured’s own insurer rather than from the insurer of the person who caused the accident.
First Party Insurance
UK: Insurance providing benefits or indemnity directly for the insured person as distinct from covering his liability to third parties. A material damage policy protecting the property owner is a first party policy.
****
Insurance that covers the policyholder’s property or self.
****
Insurance which provide coverage for the insured’s own property or person.
First pass
Insurance claim that is being processed to be paid, rejected, or denied without being suspended for any reason. Also called pass through .
First Report of Injury
In workers’ compensation cases, a written statement of the initial contact of the physician with the injured worker. Each state has a different time frame when this report should be submitted to the workers’ compensation insurance carrier. Also called First Treatment Medical Report and Doctor’s First Report of Occupational Injury or Illness (form) or preliminary report .
First responder
Individual who uses a limited amount of equipment to perform initial assessment and intervention and is trained to assist other emergency medical services (EMS) providers. For example, at the scene of a cardiac arrest, the first responder would be expected to notify EMS (if not already notified) and initiate cardiopulmonary resuscitation (CPR) with an oral airway and a barrier device. Many firefighters, police officers, and other emergency workers have this level of training.