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.
Insurance Encyclopedia
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.
Faked theft
this often happens to vehicles when an insured can no longer pay the loan they either ditch a vehicle or hire someone to steal it, only to later report the vehicle as stolen and file a claim.
Fallen Building Clause
A provision found in some Fire Insurance policies which stipulates that if any material part of the building which is insured falls or collapses from causes other than from Fire or Explosion, the Fire Insurance becomes void.
Fallen building clause (Property Insurance)
A clause in a property insurance policy stipulating that if a portion of a building collapses for any reason other than fire or explosion, the fire insurance is voided.
False Claims Act (FCA)
Federal legislation that regulates civil action for filing of a false or inaccurate claim for payment, knowingly using a false record or statement to obtain payment on a false or fraudulent claim paid by the government, and conspiring to defraud the government by getting a false or fraudulent claim allowed or paid. Under this act, any person who knowingly presents or causes to be presented a false or fraudulent claim to the government for payment or approval is liable. This law covers all types of government payments, not just medical insurance claims.
False Imprisonment
The illegal and unlawful confinement of another within boundaries fixed by the defendant without legal justification and with the intention that the act or breach of duty shall result in such confinement.