A mortality table that takes account of anticipated changes in mortality. It indicates expected future mortality.
Insurance Encyclopedia
Foreclosure
The forced transfer of property ownership by order of Court as a means of satisfaction of an unpaid obligation such as a mortgage or property taxes that are unpaid.
Foreign carrier
Insurance company domiciled in another state or, in some states, an insurance company domiciled in a foreign country.
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A carrier domiciled in another country.
foreign company
Insurance company organized or incorporated doing business under the laws of some other state of the United States, such as a company organized under the laws of New York doing business in Missouri. This corporation is a foreign company in Missouri. Technically, an insurance company chartered in a foreign country is called an alien company , whereas a company chartered in another state than that in which it is doing business is referred to as a foreign company .
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Term used in the U.S.A. to describe an Insurance Company established in one U.S. State when it is operating in another.
foreign corporation
Insurance company incorporated under the laws of another state other than the one where it does business. A bank chartered in Pennsylvania but owning a loan production office in California is a foreign corporation in California. Also called out-of-state corporation . See also foreign company .
Foreign Insurance Company
REINSURANCE: A U.S. domiciled insurer which is domiciled (incorporated) in a state other than the jurisdiction of the insured.
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Name given to an insurance company based in one state by the other states in which it does business.
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Within a particular state, insurance companies are designated as domestic, foreign, or alien. In the state where an insurance company is incorporated it is known as a domestic insurance company. In all other states where it operates it is known as a foreign insurance company. An insurance company based in another country is known as an alien insurance company in the U.S.. Both foreign and alien insurance companies have to meet stricter financial and reporting requirements. This is to ensure the public that the foreign or alien company is solvent and reputable.
foreign insurer
An insurance company housed in a different state than the one the insured’s policy is written in.
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From the U.S. perspective, an insurer domiciled in the United States but outside the state in which the insurance is to be written. In effect, it is a domestic insurer doing business outside of the state in which it is domiciled.
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Insurer domiciled in a country other than the one where the insured exposure is located. Contrast with “Alien Insurer.”
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MEDICAL,USA,REFERENCE See: foreign company .
Foreign Jurisdiction Clause
A clause in a policy providing that claims shall be settled in a jurisdiction other than that of the country where the insurers are based.
foreign medical graduate (FMG)
Physician who graduated from a medical school outside of the United States.
Foreign reinsurer
A reinsurer chartered (domiciled) in one state writing business in another state is considered to be foreign in the non-domiciliary state. In its own state, the reinsurer is considered to be domestic.