Automobile propulsion technologies under development include (i) petrol/electric and plus in hybrids (ii) Battery/electric vehicles (iii) Hydrogen cars (iv) bio fuels, and various alternative fuels. Alternative forms of power include the development of fuel cells, Homogeneous Charge Compression Ignition (HCCI), Steering engines, and even using the stored energy of compressed air or liquid nitrogen. New materials which may replace steel car bodies include duraluminium, fiberglass, carbon fiber, and carbon nano tubes. Telematics technology is allowing more and more people to share cars, on a pay as you go basis, through care share and car pool schemes.
Insurance Encyclopedia
Future Incase Option
An option which allows the insured to increase the sum insured at the policy renewal. Also an option which allows an insured to increase disability income benefit at predetermined times, specified in the policy, without evidence of insurability.
Future increase option
Insurance provision that allows an insured individual to buy additional stated amounts of life or disability income insurance at certain future dates without consideration of the insured’s physical condition. Also called guaranteed insurability option .
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A provision found in some policies that allows the insured to purchase additional disability income insurance at specified future dates regardless of the insured’s physical condition.
Future increase option (Health Insurance)
An option to augment disability benefits without having to re-establish insurability. This option is available at certain predetermined times listed in the contract.
Future Increase Option Rider
This rider allows the insured to purchase more disability insurance as needs change, regardless of health.
Future medical treatment
In workers’ compensation cases, potential medical care that may be necessary to maintain an injured worker’s best possible condition or handle deterioration from the effects of an injury over time. Monetary awards for future medical treatment are established when a worker’s condition is permanent and stationary (P & S).
Future purchase option
See: cost-of-living adjustment .
Future service
Employee’s projected service given to an employer from the date of the beginning of a pension plan or from the current date to the date of the employee’s retirement. Pension benefits for this service are known as future service benefits .
Futures
Short for futures contract’ involving an obligation to buy or sell a specific amount of a commodity, currency or financial instrument at a stated price on a stated future date. The price is established on the floor of an exchange, e.g. the London International Financial Futures Exchange (LIFFE). The contracts may be traded with third parties.
FY
See: fiscal year (FY).