A port which is a foreign trade zone, open to all traders on equal terms, more specifically a port where merchandise may be stored duty-free, pending re-export or sale within that country.
Insurance Encyclopedia
Free reserves
the excess of the value of an insurer’s assets over the sum of its liabilities and its minimum solvency margin.
***
The excess of the value of an insurer’s assets over its technical reserves and current liabilities. Sometimes, referred to as shareholders’ funds or net asset value.
Free standing additional voluntary contributions (FSAVCS)
Additional voluntary contributions to an insured defined contribution scheme that is independent of the member’s occupational pension scheme. Where contributions exceed £2,400 per annum (year 2002/3) the FSAVC administrator must carry out a headroom check except for scheme members with net relevant earnings below £30,000 who also contribute £3,600 each year to a stakeholder pension. An FSAVC must be used to purchase a retirement annuity with no tax-free lump sum.
Free standing emergency medical service center (Health Insurance)
Sometimes called an urgent care center, this is a facility that provides emergency medical attention.
Free standing outpatient surgical center (Health Insurance)
Sometimes called a surgical care center. A facility that provides outpatient services to surgical patients.
Free Trade Zone
(i) In general, geographic place or an organization through which specified types of commerce can be conducted without paying the tariffs or taxes which otherwise would be applicable to that commerce; that is, a zone where trade is free of governmental charges. (ii) In Insurance, a free trade zone is a facility through which Insurers can negotiate with potential insured for coverage on mutually agreeable terms and can enter into Insurance contracts without having to pay premium taxes which would otherwise be imposed.
Free-of-Capture-and-Seizure (FC & S)
Exclusion in an ocean marine Insurance Policy on a ship or cargo which excuses (frees) the Insurer from liability for loss resulting from capture or seizure of the ship or its cargo by pirates or “assailing thieves.”
Free-standing emergency medical service center
See: emergency center .
Free-standing surgical center
Health care facility for handling surgical procedures that do not need overnight hospital care. Also called ambulatory care facility, ambulatory surgical center, clinic, day surgery , outpatient facility, primary care center , or urgent care center .
Free-standing urgent care center
See: emergency center .