In the Medicare program, this stage of appeal of a claim has been renamed and is now called reconsideration . See reconsideration .
Insurance Encyclopedia
Fair Labor Standards Act (FLSA) of 1938
A law that established a national, hourly minimum wage and promulgated eligibility rules for overtime pay. The Wage and Hour Division of the U.S. Department of Labor administers the law, and virtually all wage and hour claims cite a violation of the FSLA. Wage and hour claims allege that workers classified by employers as “exempt” (and therefore ineligible for overtime pay), are in fact, entitled to overtime pay. Wage and hour claims are a serious exposure for employers; a number of class action wage and hour claims have settled for more than $10 million.
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A law that established a national, hourly minimum wage and promulgated eligibility rules for overtime pay. The Wage and Hour Division of the U.S. Department of Labor administers the law, and virtually all wage and hour claims cite a violation of the FSLA. Wage and hour claims allege that workers classified by employers as “exempt” (and therefore ineligible for overtime pay), are in fact, entitled to overtime pay. Wage and hour claims are a serious exposure for employers a number of class action wage and hour claims have settled for more than $10 million.
Fair market value
Price at which a buyer and seller, under no compulsion to buy or sell, will trade.
FAIR plan
An acronym for Fair Access to Insurance Requirements, these plans have been established in many states to make fire and extended coverage (and homeowners in some states) available in areas otherwise not addressed by the voluntary market.
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Fair access to Insurance requirements. Pool maintained by private Insured by the Government that makes certain types of property Insurance available in inner-city or other high risk areas where such Insurance cannot be obtained through the voluntary Insurance market.
Fair plans
Insurance pools that sell property insurance to individuals who cannot purchase it in the volunteer marketplace because of their high exposure to risks that they may have no control over.
Fair Rental Cost / Fair Rental Value
Current price at which an item of real or personal property can be rented for a specified period such as a month or a year under normal market conditions, with neither the lessee nor the lessor being under economic duress.
Fair Rental Value
US: Amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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An amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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Fair rental value is a provision in the additional living expense coverage in a homeowners policy. The coverage pays the rental income a homeowner looses if part of the dwelling was rented to a tenant and an insured peril has caused the home to become uninhabitable. (See Homeowners).
Fair Rental Value Coverage
Insurance that pays the loss of rental value, minus expenses which do not continue, when property rented to others or held for rental is damaged by a peril insured against.
Fair rental value coverage (Property Insurance)
Coverage that protects the rental income an insured receives from an insured building. If a building that is usually rented to others is damaged by a hazard named in the policy, this coverage will pay the rental value.
Fair Value
Value that is reasonable and consistent with all of the known facts.