Quoted price includes the cost of delivering the goods alongside a designated vessel.
Insurance Encyclopedia
Free Asset
An asset of an insurance company that is not earmarked for the fulfillment of a limited class of obligations such as satisfying claims in one section of its business only.
Free asset ratio
For UK life insurance companies only, a solvency measure calculated as available assets minus the required minimum margin/admissible assets. All other things equal, the higher the free asset ratio, the higher the level of surplus capital relative to the asset base. Reported free assets ratio are dependent on the assumptions made to value the liabilities.
Free assets
Life insurance company’s assets that exceed the sum of the company’s liabilities and the required minimum margin of solvency (RMM). It is a measure of surplus capital once the RMM has been covered.
Free choice
Insurance provision that allows the insured to choose any licensed health care provider for medical services.
Free cover
The maximum amount of death or disability cover which an insurer covering a group is prepared to insure for each individual without production of evidence of health.
Free Days
All consignments will be allowed storage in the docks free of demurrage for four days (three days in Bombay port) following the General Lading Date declared by the Docks Manager. For computing the number of free days. Sundays and Dock holidays declared will be omitted. The Docks Manager is empowered to grant extension of Free days in following cases: Where the entire consignment has landed subsequent to General Lading Date declared for the vessel’s cargo;Where a part of the consignment is discharged after the expiry of the free days.For consignment of wines, spirits, liquors, the general lading date will be the on which the last package of the consignment is discharged.Free In : Cost of loading a vessel is borne by the charterer.
Free examination period
Specific amount of time after delivery of an insurance policy by the agent during which the policy owner may look the policy over and return it to the insurance company for a complete refund of the first premium payment. Usually, complete insurance coverage is provided during this time period. Also called 10-day free look .
Free flap
Section of tissue is detached from its base but its arterial and venous components are reattached. CPT codes include 15756 to 15758.
Free from Particular Average (FPA)
A clause whereby cover excludes partial losses unless the vessel has been stranded, sunk, burned or in collision with another vessel regardless of whether such losses were actually caused by these perils. This ‘major casualty’ partial loss insurance is the substance of Institute Cargo Clauses (C) used particularly for bulk cargoes such as grain.