Fixed cost charges, as compared to percentage charges (called “commissions”). Captives seek to pay fee-based charges but then express the total as a percentage of premium. In Texas, surplus lines premium is defined under TIC 225.004.
Insurance Encyclopedia
FEHBP members
Federal workers who are members of the Federal Employee Health Benefits Program.
Fellow employee coverage
Extends bodily injury coverage to one employee when caused by another.
Fellow of the Insurance institutes of India
A designation for an individual who has been examined and becomes a member of the Insurance institute of India.
Fellow Servant
One who serves and is controlled by the same employer; also those engaged in the same common pursuit under the same general control.
Fellow servant rule (Workers Compensation)
Before workers compensation laws were instituted, the fellow servant rule was used as a defense. This common law principle said that if a worker was hurt because of another worker’s negligence, the coworker was to blame instead of the employer.
Fellow-Servant Rule
Common Law defence used by employers before the passage of Workers Compensation Laws. It excused an employer form liability for injury to an employee caused by the carelessness or other wrongdoing of a fellow employee: the right of action was against the fellow employee and not against the employer.
Fellowship of the Chartered Insurance Institute (FCII)
The highest CII qualification. The basis of election is the presentation of a portfolio of evidence of the applicant’s abilities, achievements and experience. The starting point is an agreed examination. The starting point is an agreed examination benchmarked against the Advanced Diploma in Insurance or the post-1992 Associateship. The next step involves preparing a Fellowship plan including the applicant’s proposals in terms of timescale and ‘major achievements. The third step is a three-year period of continuous professional development and finally the applicant must complete a business ethics programme in recognition of the possible impact their decisions may have on others. Fellows are eligible for Chartered titles.
Fellowship of the Society of Financial Advisers
The CII’s highest qualification for financial advisers after passing 10 demanding examination papers.
FEMA
Federal Emergency Management Agency. This agency administers the National Flood Insurance Program.