Property insurance in which the sum insured represents the full value at risk. Where the insured completes a proposal and signs a declaration he may ‘warrant’ that this is the case.
Insurance Encyclopedia
Full Value Reserve
An undiscounted provision for the payment of outstanding losses, ALAE or LAE; distinguished from discounted reserve.
Full Written Line
Indicates that a Reinsurance order is for the full line written on the slip covering the original Insurance; effectively this is the same as G.S.L., because the written line will be transposed to a signed line when the original risk is closed.
***
See: “Reinsurance, Full Written Line.”
Full-Reporting Clause
Property Insurance provision under which an insured reports periodically the fluctuating value or amount of insured property and pays premiums on these reported values. The insured is penalized for reports which are tardy or which understate values. Also called “Honesty Clause.”
Full-risk capitation
See: global capitation .
Full-risk contract
See: global capitation .
Full-service plan
Health insurance plan that pays the actual cost in full instead of a specific maximum for each service. This is in cases where payment is based on usual, customary, and reasonable (UCR) fees.
full-time employee (FTE)
In accounting, the equivalent of one individual working full-time (30 hours or more per week). This includes the wages, benefits, deductions (i.e., Social Security, disability insurance, state and federal income taxes) and other costs.
full-time equivalent (FTE)
In relation to employment, the equivalent of one individual working full-time for a certain period. This can be made up of several part-time individuals or one full-time person.
Fully accredited
Designation that all the elements within all the accreditation standards for which the accreditation organization has been approved by the Centers for Medicare and Medicaid Services have been surveyed and fully met or have otherwise been determined to be acceptable without significant adverse findings, recommendations, required actions, or corrective actions.