First step in the risk selection process in which an insurance agent puts together information about the proposed insured and puts this information on an application form so that the home office underwriter can make an underwriting evaluation and decision.
Insurance Encyclopedia
Field underwriting (Health Insurance)
An initial decision by the insurance agent in the field about a prospective insured, based on whether they may meet the underwriting standards of the insurer.
FIFO
Acronym that means first in, first out. It is a queuing system in which the next item to be acquired is the oldest item (or first item) in the queue.
Fifth digit
Symbol used in the diagnostic code book titled International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) . It is used to indicate that a fifth digit is required for coding to indicate the highest level of specificity. Also see fourth and fifth digits .
Fifth dividend option
Also called additional insurance option . See additional term insurance option .
Fifth Freedom Flight
Where cargo is carried by airline between countries in neither of which it is based.
Fifth Motor Vehicle Directive
Proposal (10/6/02) for motor insurance against civil liability. Main points: the minimum sum should be set at €2 million throughout the EU; three-month deadline for registration of car with foreign plates; where an accident occurs and the vehicle cannot be linked to a specific country it will be linked to the country in which the accident occurred; insurance companies claims-representatives or branch offices in Member States should be able to settle claims; a person who buys a car abroad should be able to obtain 2-4 weeks full insurance to cover the return journey to the buyer’s own country.
Figures
The statistical record showing the premium income and claims attaching to an Insurance, or a Reinsurance, long term contract.
File and use rating laws
State laws that permit the use of new rates by an insurance company without first obtaining the approval of that state’s insurance department.
File and use rating laws (Legal Terminology)
State laws that allow insurers to assume new rates without having to seek insurance department approval.