Reinsurer agrees to automatically accept individual risks for a specified period (e.g. 30 days) during which time it decides whether to accept the risk on a facultative reinsurance.
Insurance Encyclopedia
Face (Life Insurance)
The first page of the policy.
Face amount
MEDICAL,USA: Dollar amount in a life insurance policy that is payable at the time of death of the insured or in an annuity when the contract reaches maturity. It does not include additional dollar amounts payable under other special provisions, accidental death, or policy dividends. Also called face value . See also basic death benefit and death benefit .
***
Generally used to mean the amount of insurance provided.
***
The amount of insurance provided by the terms of an insurance contract, usually found on the face of the policy.
***
The dollar amount to be paid to the beneficiary when the insured dies. It does not include other amounts that may be paid from insurance purchased with dividends or any policy riders.
***
The total amount of coverage provided by an insurance contract, as stated on the face.
Face of policy
The front of the policy on which normally the name of the insurance company, the name of the insured, the amount of insurance, and the type of insurance appear among many other items.
***
The front or first page of the Insurance Policy. It customarily includes the name of the Insurance Company, as well as certain insuring clauses.
Face page
Generally the first page of an insurance policy that includes the name and age of the insured, name of the policy owner (if different from the insured), amount of premium, policy number, date of issuance of policy, and signatures of the insurance company officials.
Face sheet
First part of a patient’s hospital health record that contains the patient’s identification, demographics, date of admission, insurance coverage or payment source, referral data, hospital stay dates, attending physician information, discharge information, name of responsible party, emergency contact, and patient’s diagnoses.
Face value
See: face amount .
Face-to-face time
Documented minutes and hours spent face to face with a patient or a patient’s family in an office or outpatient place of service. It is a component of evaluation and management codes.
FACI
The Federal Advisory Committee on Insurance provides advice and recommendations to assist FIO in carrying out its statutory authority.
Facility
REINSURANCE: (i) Organization established by Insurers and Reinsurers, whereby Insurers can obtain Reinsurances for exposures that individual Reinsurers would not readily accept hence, a “residual market” organization for Reinsurance. Reinsurers participating in the Reinsurance association typically take pro-rata shares of all Reinsurance placed in the facility. (ii) A market device that provides insurance for individuals or other entities that cannot obtain coverage from an insurer on a voluntary basis, by sharing premiums and losses for such entities among participating insurers. (iii) Organization, analogous to Lloyd’s of London or a stock exchange, for the voluntary offering and buying of Reinsurance.
***
A pooling mechanism for insureds not able to obtain insurance in the voluntary market. Insurers write and issue policies but cede premium and losses on those policies to a central pool in which all insurers share.
***
An agreement by insurer allowing a broker to accept insurance of a defined category on the insurer’s behalf.
***
MEDICAL,USA: Building location, equipment, and supplies for delivery of patient medical care (e.g., inpatient and outpatient hospital, acute or long-term care, intermediate or skilled nursing facilities).