Amount of money paid to an insurance agent that is based on an insurance policy’s first annual premium.
Insurance Encyclopedia
FIS (Free into store)
The seller must pay all charges, including import duty, freight and other costs including insurance to time of delivery of the goods into buyer’s warehouse.
fiscal agent (FA)
See: Medicare administrative contractor (MAC) .
Fiscal carrier
See: fiscal intermediary (FI) .
fiscal intermediary (FI)
1. For Medicare, see Medicare administrative contractor (MAC) . 2. For TRICARE and CHAMPVA, the insurance company that handles the claims for care received within a region of the United States and services specific states. Also see TRICARE regions .
Fiscal soundness
State in a managed care organization that has enough operating funds on hand, or in reserve, to cover all expenses associated with services for which it has taken on a financial risk.
fiscal year (FY)
1. Any continuous 12-month period used by insurance companies and the government as an accounting period. 2. In the Medicare and TRICARE programs, the federal government’s fiscal year is from October 1 to September 30.
Fish-in-Pond Insurance
Applicable to Fry/Fisher lings/Fish in stock ponds and Breeders in fresh water only and not marine fisheries or to brackish water fish. Fish of Rohu, Catla, Mrigal, Common carp, Silver carp and any other recognized breed may be covered. The policy cover the entire period crop viz., fry to fingerling – 3 months in rearing pond, fingerling to fish stage – 12 months in stocking pond, breeds age 1 year to 5 years – 12 months period in breeder ponds. The value will depend on the cost of fry/fingerlings, cost of input, other incidental expenses. Profit not to include in valuation. Indemnity 80% to 100% of the value on the basis of stage wise expenses as per valuation tables subject to salvage. The Policy covers total loss or destruction of fry/fingerlings/fishes in pond due to accident or disease. The cover is granted for fisheries in pond and other fresh water project. Among others cover also includes risk of pollution, poisoning and malicious act by third parties, riot and strike, earthquake, explosion, damage by aircraft, flood, famine, drought and such other natural calamities. The Policy can be extended to cover fish rearing ponds against Fire, lightning, riot, storm, tempest, flood, malicious damage and earthquake.
FISMA
See: Financial Services and Markets Act 2000
Fitness for purpose
Sale of Goods Act 1979, s. 14(3), implies that when goods are sold by a trader, they must be reasonably fit for the buyer’s own particular purpose, provided the buyer made his purpose known (expressly or by implication) and reasonably relied on the seller’s expertise. Where goods are bought for their usual purpose, notification of the buyer’s purpose is implied. Fitness for purpose is also an aspect of satisfactory quality.