1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
F. F1 F2 F3 F4 F5 F6 F7 F8 F9 Fa Fe Fg Fi Fl Fo Fp Fr Fs Ft Fu Fy

Freedom of choice

1. In the Medicaid program, the principle that a state ensures that Medicaid beneficiaries are free to obtain medical care from any provider. 2. In private health plans, refers to ability of members or subscribers to go to whomever they want for medical services without being referred.

Freedom of establishment

The right of an insurer located in one European Economic Area (EEA) member state to underwrite a risk located in another EEA member state by establishing a permanent presence in that EEA member state. (Please see the ‘Definition of risk location’ section on Crystal for clarification of the correct location for a risk.) This permanent presence can be in the form of a local branch, agency or subsidiary. At Lloyd’s, a permanent presence in another EEA member state is created by having local coverholders with full binding authority agreements and a local Lloyd’s General Representative. (A full binding authority agreement is one where the coverholder may enter into contracts of insurance without first consulting the syndicate.) Freedom of establishment business is that underwritten under a full binding authority where the coverholder and the risk are located in the same EEA member state outside the UK.
***
UK: The right to set up a branch, subsidiary office or similar establishment to transact business in a foreign country.
***
The right to set up an office or establishment in a country other than that in which one has one’s principal place of business.

Freedom of Information Act (FOIA)

Federal law that any person has a right, enforceable in court, of access of federal agency records, except to the extent that such records, or portions thereof, are protected from disclosure by one of nine exemptions or by one of three special law enforcement record exclusions. Requests must be submitted in writing. FOIA applies only to records of the executive branch of the federal government, not to those of Congress or the federal courts, and does not apply to state governments, local governments, or private groups.

Freedom of Services

The right to provide services in a country without necessarily having an office or establishment in that country.
***
The right to provide business services on a cross-border basis within the European Economic Area (EEA). For insurance contracts, this means that the contract can be underwritten in an EEA member state that is different from the member state where the risk is located. (Please see the ‘Definition of risk location’ section on Crystal for clarification of the correct location of a risk.) Freedom of services business consists of open market business written from the UK (with or without the involvement of a local intermediary), business written under a full binding authority where the coverholder is located in a different member state from where the risk is located and business that is written under a prior submit binding authority agreement. (A prior submit binding authority agreement is one where the coverholder does not have authority to enter into contracts of insurance without first consulting the syndicate that granted the binding authority).

Freight

Money charged by a carrier for transporting goods. The term freight includes the profit derivable by a ship-owner from the employment of his ship to carry his own goods or movables as well as freight payable by a third party but does not include passage money.
****
UK: Reward payable to a shipowner for the carriage of goods including the profit he derives from carrying his own goods, or other people’s goods but not including any passage money. Advance freight paid to the shipowner on a nonrefundable basis is at the risk of the shipper and merged with the cargo’s insured value. When freight is payable on ‘out-turn’ of the goods at the destination it is at the risk of shipowner and insurable by him. The term ‘freight’ has also been used to describe the goods themselves and has been adopted by ‘freight forwarders’ who handle shipments. Chartered freight is payable by a charterer to a shipowner and insurable by him unless paid in advance at the risk of the charterer.
***
The income of the ship owner from carrying cargo or earned by the employment of his ship.

Freight collision clause

Clause incorporated in freight policies to cover threefourths of the shipowner’s liability for collision damage that may attach to freight. The clause is used only where freight is liable to be called upon to contribute to collision liability, i.e. where certain foreign laws may apply to the settlement. In English law freight is not taken into account in assessing the shipowner’s liability for collision.