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.

Free Limits

(i) The geographical area within which the holder of a Health Insurance policy is covered without payment of additional premium. (ii) Limits of amount up to which an insurance cover will be granted automatically.

Free look

Period of time, usually 30 days, when an individual can try out a Medigap policy. During that time, if the individual changes his or her mind about keeping the policy, it can be cancelled and any money paid is refunded.
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A period of time (usually 10, 20 or 30 days) during which a policyholder may examine a newly issued individual policy of life or health insurance, and surrender it in exchange for a full refund of premium if not satisfied for any reason.

FREE LOOK PERIOD

A period of up to 30 days during which the purchaser of an insurance policy has the opportunity to study the terms and conditions of the policy and decide to cancel without any penalty. Duration of the free look period varies by state and by type of coverage. For example, the free look period for health insurance is usually 10 days and the free look period is often 30 days for property and liability insurance.