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First Surplus

The first amount allocated to reinsurance in excess of the original insurer’s net retention.
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UK: The surplus treaty immediately above the cedant’s retention and to which cessions must be made in priority to all other surplus treaties. The reinsured may arrange second and third treaties and so on.

First Three

The first three leading underwriters on a broker’s slip, not necessarily the first three underwriters to have signed.

First Treatment Medical Report

See: First Report of Injury .

First Year

The term used to refer to various matters during the first year a policy is in force, such as first year premiums and first year claims.

First-dollar coverage

Type of insurance (hospital or surgical) policy that pays for the full value of each service up to the insured amount. The insured does not pay a deductible, but there may be copayments.

First-year commission

Amount of money paid to an insurance agent that is based on an insurance policy’s first annual premium.

FIS (Free into store)

The seller must pay all charges, including import duty, freight and other costs including insurance to time of delivery of the goods into buyer’s warehouse.

fiscal agent (FA)

See: Medicare administrative contractor (MAC) .

Fiscal carrier

See: fiscal intermediary (FI) .

fiscal intermediary (FI)

1. For Medicare, see Medicare administrative contractor (MAC) . 2. For TRICARE and CHAMPVA, the insurance company that handles the claims for care received within a region of the United States and services specific states. Also see TRICARE regions .