Request by a pension scheme member that, on his death, the death benefits should be paid to the person(s) he has nominated in the request. The trustees are not obliged to follow the member’s nomination.
Insurance Encyclopedia
Form of Subrogation
An authority signed by the insured which enables the insurer to pursue his subrogation rights without having to prove them in some other way.
Formal plan (Pensions)
A retirement plan outlined in writing. Under this plan, legally enforceable rights are passed on to the eligible employees.
Formal referral
Authorization request (telephone, fax, or completed form) required by the managed care organization contract to determine medical necessity and grant permission before services being rendered or procedures performed.
Format
1. Organization or appearance of data. 2. Under the Health Insurance Portability and Accountability Act (HIPAA), this relates to those data elements that provide or control the enveloping or hierarchical structure, or assist in identifying data content of a transaction.
Formula (Pensions)
An equation used to establish the total pension that will be received or the contribution that will be made from a retirement plan.
Formulary
1. List of drugs shown in therapeutic or disease categories. 2. In some insurance plans, managed care plans, or Medicare Part D plans, providers are limited to prescribing medications to members from a list of drugs and dispensed through pharmacies participating in the plan. Most plans’ formularies include the most common drugs prescribed for seniors. Also called drug formulary, preferred-drug list (PDL) , or select drug list .
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–A list of drugs that are covered by a particular insurance plan. Formularies often contain different tiers of coverage between which levels of coverage and out-of-pocket expenses can vary considerably.
Formulary drugs
List of prescribed medications recommended by a managed care plan and dispensed by participating pharmacies to members (enrollees) of the plan. It is periodically reviewed and modified. See the three types—open, closed, and restricted formularies—for information. See formulary and drug formulary .
Fortuitous
Happening by Chance.
Fortuitous cause/loss
An accidental cause; a happening by chance. Only fortuitously caused losses are covered by insurance. A person cannot wilfully damage his property and make a claim. Neither can he claim for certainties such as wear and tear. In life insurance the fortuity is based on the date of death not its inevitability and suicide is normally excluded during the first two years.