The sum insured chosen is floated on one or the entire family: Means Person(s) named on the schedule of the policy which includes family comprising of the proposer, his/her legally wedded spouse, dependent unemployed children between 3 (three months) to the age of 25 years, unmarried daughters including divorcee, and widowed daughters and dependent Parents or parents-in-law (either of them only). The minimum number of persons to be covered under the policy shall be the proposer plus one family member. Generally *Family floater policy* is cheaper than buying individual policies for family members.
Insurance Encyclopedia
family history (FH)
Review of medical events in the patient’s family including diseases that may be hereditary or contagious and conditions that place the patient at risk. Documented review of two or all three past, family, and/or social history (PFSH) areas, depending on the category of evaluation and management (E/M) service that may be performed. All three areas are required for comprehensive assessments.
Family income benefit
A decreasing term insurance that, on death within the policy term, pays a regular tax-free income for the remainder of the term. There is no survival benefit. The amount of income benefit’ per year usually remains level over the term selected but ‘increasing benefit’ policies can be arranged.
Family income insurance
Special individual insurance policy that combines whole life insurance with decreasing term insurance. The whole life insurance part of the agreement is paid as a lump sum on the death of the insured. The decreasing term part of the policy gives an income for a predetermined period to assist in supporting the insured’s family.
Family income policy
Life insurance policy that combines whole life and decreasing term insurance. In this type of agreement, the beneficiary is paid during a specific period of time if the insured dies before the end of the period specified and in addition receives the face amount of the policy either at the end of the specified period or after death of the insured.
Family income policy (Life Insurance)
An insurance policy that provides income until a date in the future. This date is named in the policy after the insured’s death. The time frame during which income will be paid is calculated from the policy’s inception date. At the end of the income payment period, the total amount of the policy is paid to the policyholder.
Family insurance policy
One life insurance contract that gives coverage to all members of a family. Generally this is whole life insurance on the wage earner, whole life or term insurance on the spouse, and smaller amounts of term insurance on the children including automatic insurance with no premium increase for children born after the policy is issued.
Family Maintenance Policy
A policy that pays an income to the beneficiary starting artier the death of the insured and continuing for a stated period of time. AT the end of the income period, the face amount of the policy is paid to the beneficiary.
Family maintenance policy (Life Insurance)
An insurance policy that pays the beneficiary an income from the date of the insured’s death for a stated timeframe. When this is over, the face amount of the policy is paid out to the beneficiary.
Family member
Under Medicare Secondary Payer guidelines, a person enrolled in a group health plan based on another person’s enrollment (e.g., spouse, adopted child, stepchild, parent, sibling).