fiscal year (FY)

1. Any continuous 12-month period used by insurance companies and the government as an accounting period. 2. In the Medicare and TRICARE programs, the federal government’s fiscal year is from October 1 to September 30.

Fixed amount 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 until the proceeds plus interest are all gone. Also called fixed payment option .

Flare-up

In workers’ compensation cases, this phrase is sometimes used to refer to a recurrence of an industrial injury or illness and refers specifically to the symptoms that are considered to be related to the natural course of the previous injury or illness and not to a new injury from current employment.