In workers’ compensation cases, this phrase is sometimes used to refer to a recurrence of an industrial injury or illness and refers specifically to the symptoms that are considered to be related to the natural course of the previous injury or illness and not to a new injury from current employment.
Insurance Encyclopedia
Flash drought –
A rapid onset and intensification of a drought. The combination of abnormally high temperatures (heat waves) combined with increased wind speeds, greater solar radiation, and lower-than-normal rates of precipitation can rapidly affect the local climate. It is often tied to La Nina events and typically occurs during the warm season in the central U.S. Economic damages can be significant.
Flashover
The preheating of combustibles in a room or building, allowing the contents to be brought to their ignition temperature almost immediately.
Flat amount formula
Mathematical method used to determine the retirement benefit for participants in a defined benefit pension plan (DBPP). This type of formula gives the same monthly or annual benefit amount to each retiree (e.g., $700 per month).
Flat cancellation
A policy cancelled on the effective date. Usually, no premiums have been paid.
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REFERENCE: See: Cancellation.
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US: The cancellation of an insurance policy or bond as of its effective date, before the insurer has assumed liability. This requires the return of paid premium in full since the insured has never been covered under the policy.
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When liabilities have not existed thereunder, policies may be cancelled free of any charge to the insured. Such terminations are knows as flat cancellations.
Flat Commission
Remuneration paid to an Agent of the basis of a straight percentage of premium for all types of risks and policies as compared to a graded scale of separate percentage for different types of policies.
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A standard commission that is paid to the insurance agent no matter what kind of policy has been sold.
Flat Deductible
A deductible which is not one of the disappearing or franchise type. A specific amount deducted from each loss or claim.
Flat deductible (Property Insurance)
A particular sum deducted from every loss or claim filed.
Flat extra premium method
System for rating substandard insurance risks that is used when the extra risk is constant. Usually it is a specific extra premium for each $1,000 of insurance coverage.
Flat fee-per-case
Payment of one fee to a provider to cover all services related to a patient’s treatment based on diagnosis (episode of care) or presenting problems. Also called bundled rate or case rate .