In workers’ compensation cases, potential medical care that may be necessary to maintain an injured worker’s best possible condition or handle deterioration from the effects of an injury over time. Monetary awards for future medical treatment are established when a worker’s condition is permanent and stationary (P & S).
Insurance Encyclopedia
Future purchase option
See: cost-of-living adjustment .
Future service
Employee’s projected service given to an employer from the date of the beginning of a pension plan or from the current date to the date of the employee’s retirement. Pension benefits for this service are known as future service benefits .
Futures
Short for futures contract’ involving an obligation to buy or sell a specific amount of a commodity, currency or financial instrument at a stated price on a stated future date. The price is established on the floor of an exchange, e.g. the London International Financial Futures Exchange (LIFFE). The contracts may be traded with third parties.
FY
See: fiscal year (FY).
G-number
See: Group Number.
G-SIFI
Global systemically important financial institution, as determined by the FSB. The FSB defines G-SIFIs as “institutions of such size, market importance, and global interconnectedness that their distress or failure would cause significant dislocation in the global financial system and adverse economic consequences across a range of countries.”
G-SII: Global systemically important insurer
Global systemically important insurer, as determined under the IAIS’s assessment methodology. G-SIIs are one class of G-SIFIs.
G.A.T.T.
General Agreement on Tariffs and Trade, a multilateral treaty intended to help reduce trade barriers and promote tariff concessions.
G.C.R.
General Cargo Rate. The basic tariff category which was introduced to cover most air cargo now covers only a minority, the remainder being under SCR or class rates.