Phrase in a marine Insurance Policy which signifies the Insurer’s agreement that the insured has sole right to payment in case of loss, in effect, conceding that the insured has the only insurable interest.
Insurance Encyclopedia
Full preliminary term reserve valuation (Life Insurance)
A life insurance contract that does not make a reserve mandatory within the first year of the contract being established. In the following years, the reserves will be modified to make up for the lack of reserve in the first year.
Full premium if lost (FPIL)
Hull policy clause making the entire premium fully earned if the insurer pays a total loss for the insured vessel, i.e. no return to the insured for the unexpired period.
Full reinsurance clause
UK: 1. Binds the reinsurer to follow the settlements’ of the reinsured provided that the settlements are within the terms of the original policy and the reinsurance. 2. Facultative reinsurance clause that passes control over all claims settlements to the reinsurer where all or nearly all of the risk is reinsured.
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REINSURANCE: A clause in a facultative reinsurance contract, where all or nearly all risk is reinsured, to give the reinsurer control over claim settlement.
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REFERENCE See: “Reinsurance, Full Reinsurance Clause.”
Full reporting clause
Under this clause, an insured is required to report values periodically. The clause provides for a penalty to the insured if true values are not reported.
Full reporting clause (Property Insurance)
A clause, most often seen in commercial policies, stipulating that the policyholder must report the property’s value to the insured at certain predetermined times. This is done to ensure that coverage is sufficient to cover the value of a potential loss. The policyholder may be assessed a penalty for failing to regularly report the accurate value.
Full Signed Line
Indicates that the Reinsurance covers the whole of the line signed on the original Insurance.
Full theft cover
Theft cover that goes beyond ‘forcible or violent entry or exit to or from premises’ to cover any dishonest appropriation. Full theft cover is not normally available to shops or hotels, which are susceptible to casual theft.
Full Value Declared (FVD)
A notation on air waybill indicating that a specific value has been declared to the carrier for the carriage of the merchandise.
Full Value Insurance
An insurance where the insured is required to warrant that the sum insured represents the full value of the insured property.