A law that established a national, hourly minimum wage and promulgated eligibility rules for overtime pay. The Wage and Hour Division of the U.S. Department of Labor administers the law, and virtually all wage and hour claims cite a violation of the FSLA. Wage and hour claims allege that workers classified by employers as “exempt” (and therefore ineligible for overtime pay), are in fact, entitled to overtime pay. Wage and hour claims are a serious exposure for employers; a number of class action wage and hour claims have settled for more than $10 million.
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A law that established a national, hourly minimum wage and promulgated eligibility rules for overtime pay. The Wage and Hour Division of the U.S. Department of Labor administers the law, and virtually all wage and hour claims cite a violation of the FSLA. Wage and hour claims allege that workers classified by employers as &#8220exempt&#8221 (and therefore ineligible for overtime pay), are in fact, entitled to overtime pay. Wage and hour claims are a serious exposure for employers a number of class action wage and hour claims have settled for more than $10 million.

US: Amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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An amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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Fair rental value is a provision in the additional living expense coverage in a homeowners policy. The coverage pays the rental income a homeowner looses if part of the dwelling was rented to a tenant and an insured peril has caused the home to become uninhabitable. (See Homeowners).

Coverage for farmers that is overseen and subsidized by the federal government and marketed and serviced by private insurers and agents. Federal crop insurance offers an array of insurance policies that cover loss of crop value arising from extremely hot weather, drought, excessive moisture, flood, wildlife damage, earthquake, insects, and disease. These policies protect a farmer against production or revenue losses when a particular insured crop does not meet a preset production guarantee. The Risk Management Agency (RMA) of the U.S. Department of Agriculture oversees the federal crop insurance program. RMA provides policies for more than 100 crops, the majority of U.S. crops, although coverage may not be available for some crops in some areas. Federal crop insurance is also referred to as multi-peril crop insurance (MPCI).
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A comprehensive coverage at rates subsidized by the federal government for unavoidable crop losses.

Preempts some state functions. For example, the Act does not allow a state insurance regulator to prohibit risk retention groups (RRGs) domiciled in other states from operating within the regulator’s state, thus eliminating the need for a fronting company.

Fixed cost charges, as compared to percentage charges (called “commissions”). Captives seek to pay fee-based charges but then express the total as a percentage of premium. In Texas, surplus lines premium is defined under TIC 225.004.

The financial limit of an organization’s ability to absorb losses with its own funds or borrowed funds without major disruption. This value often comes into play when a risk manager attempts to find the appropriate retention amount. Any planned retention figures should fall below the financial capacity point.

US: A statutory provision requiring owners of automobiles to provide evidence of their ability to pay damages arising out of the ownership, maintenance, or use of an automobile.
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Financial responsibility law (particularly applicable to Automobile Insurance in various States in USA) is a law which requires an individual to prove that he or she is able to pay for damages resulting from an accident. A financial responsibility law does not specifically require the individual to have insurance coverage; instead, the law requires the individual to be able to demonstrate the financial capacity to pay, even if the individual is not at fault. This type of law is commonly associated with automobiles. Financial responsibility laws exist because not all states have a compulsory insurance law. However, many states consider an individual with an insurance policy to be compliant with a financial responsibility law, since most insurance policies have a minimum coverage that meets the state standard.
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When applied to automobile operations, this term signifies the minimum statutory limits of an operator’s responsibility for bodily injury and property damage caused by negligent operation of the vehicle.

a demand made by a policyholder reporting an insured event directly to his company.

An insurance coverage under which the policyholder collects compensation for losses from the insured’s own insurer rather than from the insurer of the person who caused the accident.

Insurance policies that cover property that can be moved from one location to another for both transportation perils and perils affecting property at a fixed location.