In workers’ compensation when settling a temporary or permanent disability case, this is the final determination and monetary settlement of the referee or appeals board.
Insurance Encyclopedia
findings and order (F&O)
In workers’ compensation, this is usually a phrase used in connection with a “take nothing” decision against the applicant (injured worker).
Fine
Punishment established by law to pay a sum of money that is imposed on an individual who has committed an act of wrongdoing.
Fine arts floater
See: Floater.
Fine Arts Insurance (Fine Arts Floater)
Covers fine arts, such as antiques, leaded glass, and other art work of all types usually on all risk basis.
Fine Arts Valued Insurance Policy(ies)
Standard Fire and Special Perils Policy: Valued Policy(ies) can be issued only for properties whose market value cannot be ascertained e.g., Curios, Works of Art, Manuscripts, Obsolete machine and the like subject to the valuation certificate being submitted and found acceptable the insurer.
Fine Print
A reference to imaginary small type in a policy contract supposedly containing exclusions, reductions, exemptions and limitations of the coverage. In some Countries the Insurance Authority or Government prescribes specifications for the minimum type size that can be used in a policy, and they also provide that exclusions cannot be printed in type smaller than that used to print the benefits.
*****
Small-size type in a contract that is purported to contain omissions, exemptions, and coverage limits. State laws largely prohibit printing exclusions in smaller font than that used for the rest of the contract. Laws also mandate the size of font that must be used in contracts.
Finite quota share
Proportional multiyear reinsurance differing from a conventional quota share. The insurer cedes an agreed percentage of unearned premium but the reinsurer’s liability is finite, i.e. capped by an aggregate amount. The reinsurance is structured to assist the cedant’s solvency position by paying a large amount of commission in the early stages and smaller amounts at the end.
Finite Reinsurance (also known as Financial Reinsurance, Limited Risk Reinsurance, Nontraditional Reinsurance, Structured Reinsurance)
A broad spectrum of treaty reinsurance arrangements that provide reinsurance coverage at lower margins than traditional reinsurance, in return for a lower probability of loss to the reinsurer. This reinsurance is often multi-year and often provides a means of sharing positive or negative claims experience with the cedent beyond that usually provided by traditional reinsurance.
Finite Risk Insurance or Reinsurance
A form of financial reinsurance which provides a defined upper limit to the total amount of payment.