A concept introduced in the Pensions Bill of 2004 that will be legislated in 2005. It will oblige solvent employers who wind up defined benefit pension schemes to meet their in pension promises in full by buying out members’ benefits.
Insurance Encyclopedia
full capitation (FUL)
1. Managed care plan is paid for providing services to enrollees solely through capitation. 2. Financial arrangement in which a plan or primary care case manager (PCCM) is paid for providing services to enrollees of a managed care plan through a combination of capitation and fee-for-service reimbursements.
Full coverage
A misleading term no longer in use by the industry, generally used to mean that an insured has physical damage, liability, towing, and rental on their personal auto policy.
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Any form of Insurance which provides for payment without deduction, of all losses occasioned by hazards covered. Insurance against the full amount of any loss up to the amount of Insurance, without deductions.
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Insurance that covers the insured’s claim completely.
Full disability
See: total disability .
Full disclosure in adoption
To share relevant background information such as social, medical, and mental health with the adopting parents. There are no uniform guidelines for what constitutes full disclosure.
Full Interest Admitted
Phrase in a marine Insurance Policy which signifies the Insurer’s agreement that the insured has sole right to payment in case of loss, in effect, conceding that the insured has the only insurable interest.
Full preliminary term reserve valuation (Life Insurance)
A life insurance contract that does not make a reserve mandatory within the first year of the contract being established. In the following years, the reserves will be modified to make up for the lack of reserve in the first year.
Full premium if lost (FPIL)
Hull policy clause making the entire premium fully earned if the insurer pays a total loss for the insured vessel, i.e. no return to the insured for the unexpired period.
Full reinsurance clause
UK: 1. Binds the reinsurer to follow the settlements’ of the reinsured provided that the settlements are within the terms of the original policy and the reinsurance. 2. Facultative reinsurance clause that passes control over all claims settlements to the reinsurer where all or nearly all of the risk is reinsured.
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REINSURANCE: A clause in a facultative reinsurance contract, where all or nearly all risk is reinsured, to give the reinsurer control over claim settlement.
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REFERENCE See: “Reinsurance, Full Reinsurance Clause.”
Full reporting clause
Under this clause, an insured is required to report values periodically. The clause provides for a penalty to the insured if true values are not reported.