Expenses that do not change with fluctuations in number of members or use of medical services in a managed care plan.
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UK:REFERENCES: See: STANDING CHARGES.
Insurance Encyclopedia
Fixed debt
An amount deducted from a sum payable on death if death occurs within a specified term. If the life insured survives the policy term the full sum insured is payable. The fixed debt has largely been superseded by the diminishing debt. See DEBT 1.
Fixed objects
Harbours piers, wharves, buoys and similar fixed objects with which a ship may collide. The shipowner’s resultant collision liability is insured by Protection and Indemnity Clubs.
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In Marine Hull Liability insurance a distinction is drawn between “collision” with vessels and contact with “fixed objects” such as piers, wharves and fastened buoys, the latter not being covered by collision clauses.
fixed payment option
See: fixed amount option .
fixed period option
Settlement option in a life insurance policy wherein the insurance company uses policy proceeds plus interest to pay the beneficiary either annually or semiannually for a specific period of time.
Fixed Premium
A premium fixed at the outset and not subject to adjustment during the year or other period of insurance.
Fixed Rate Treaty
REINSURANCE: A reinsurance treaty under which the rate of premium is fixed at the outset as a percentage of the ceding insurer’s premium income less premiums paid for reinsurance effected in priority to reinsurance under the treaty.
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UK: Excess of loss reinsurance treaty under which a flat rate is agreed. The rate is applied to the cedant’s original gross premium income less only reinsurances paid out by the company which operate in priority to and for the benefit of the excess of loss treaty. The burning cost method is used to calculate the rate. Compare with sliding scale treaty.
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UK: Means quota share treaty.
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REINSURANCE: The Reinsurers agree to accept automatically a fixed proportion of all Insurances of a defined type, say one-half of all fidelity guarantee Insurances accepted by the Direct Insurers.
Fixed Treaty
A reinsurance treaty under which the original insurer binds himself to cede, and the reinsurer binds himself to accept, the risks specified.
Fixtures
Generally, something tangible that is fixed or attached, as to a building, so that it becomes an appendage or structural part.
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Appurtenances which are affixed to the building or land and generally in such a way that they cannot be moved without causing damage to either to property or themselves and as such as a general rule become part of the realty so that ownership vests in the landowner, with certain exceptions for tenant’s fixtures and trade furniture.
Fixtures & Fittings
Those articles that are attached and appear to be a permanent part of the property. However, at times they are used to refer to articles of furniture and equipment which are not permanently attached. Thus, shelves, showcases, counters are customarily regarded as fixtures and fittings, though, some of these may not be permanently attached.