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Formulary

1. List of drugs shown in therapeutic or disease categories. 2. In some insurance plans, managed care plans, or Medicare Part D plans, providers are limited to prescribing medications to members from a list of drugs and dispensed through pharmacies participating in the plan. Most plans’ formularies include the most common drugs prescribed for seniors. Also called drug formulary, preferred-drug list (PDL) , or select drug list .
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–A list of drugs that are covered by a particular insurance plan. Formularies often contain different tiers of coverage between which levels of coverage and out-of-pocket expenses can vary considerably.

Formulary drugs

List of prescribed medications recommended by a managed care plan and dispensed by participating pharmacies to members (enrollees) of the plan. It is periodically reviewed and modified. See the three types—open, closed, and restricted formularies—for information. See formulary and drug formulary .

Fortuitous cause/loss

An accidental cause; a happening by chance. Only fortuitously caused losses are covered by insurance. A person cannot wilfully damage his property and make a claim. Neither can he claim for certainties such as wear and tear. In life insurance the fortuity is based on the date of death not its inevitability and suicide is normally excluded during the first two years.

FORTUITOUS EVENT

A fortuitous event is one that occurs by chance or accident and is not foreseen or intended. Property and casualty insurance is designed to indemnify people for fortuitous events. Thus, coverage in a homeowners policy, for example, includes fire, lightning, and wind

storm. A certain event, such as

wear and tear, is not covered. Additionally, a fire intentionally set by the insured sets is not covered. Life insurance does pay for a certainty-death, but the timing of the death is not known. To protect the concept of fortuitous event, life insurance companies require a suicide clause, which states that there is no death benefit coverage if the insured commits suicide within 2 years of purchase. (See Pure Risk; Speculative Risk).

Fortuity Doctrine

An insurance contract insures against risks of loss that are neither intended nor expected from the standpoint of the insured. Intentional acts done with the intent to recover insurance proceeds are never insured. The fortuity doctrine requires that the loss be accidental to be covered. The rule embodies a fundamental and significant public policy interest that in some contexts is sufficiently important to preclude coverage claims even when there are explicit agreements to the contrary.

Forum

A place where disputes are heard. It usually refers to the particular court or courts having jurisdiction in the matter.