A family deductible is a health plan deductible that is covered or eliminated by the combined medical expenses of all family members covered by the plan.
A family exception is an exception contained in directors and officers’ liability (D&O) policies written for private companies. Family exclusion excludes claims brought by one family member/insured person against another family member/insured person. Its purpose is to prevent claims arising from either conspiracy or strife from being covered. However, to expand coverage, underwriters sometimes agree to change the exclusion so that only claims from members of the same generation are excluded. The effect of this modification would thus be to provide coverage if, for example, a son sues a grandfather or a daughter sues a father. In such cases, it is likely (especially when a member of the younger generation sues) that the younger generation will have no control over the business and may actually file a lawsuit to prevent gross mismanagement of the family business. Thus, when a claim is filed by a member of a different and usually younger generation, the likelihood of collusion or strife is significantly reduced, so insurers sometimes agree to this change.
Family income life insurance is a life insurance policy that combines whole life with declining term insurance. If the insured person dies before the specified date, the beneficiary is paid a monthly benefit. If the insured stays longer than the specified date, the full face value of the policy is paid to the beneficiary. This policy is designed to protect families with young children.
Family life insurance is a life insurance policy that combines whole life with term life insurance to cover family members in one policy. The cover for the main person is whole life, while the spouse and children are insured on a term basis for a smaller amount.
The Farm Umbrella policy provides for high limits of liability to protect the insured farmer from catastrophic losses. This policy provides liability coverage that is overlaid on top of the main liability coverage provided by the Insured Farm Owner’s Farm Policy, Personal Vehicle and any other scheduled main liability policy. It covers bodily injury (BI), property damage (PD), and personal injury (PI), including offenses such as defamation, slander, false arrest, and invasion of privacy. The farm umbrella policy also fills in some of the gaps in specified deductible coverage (often referred to as the saved limit) in the base policy.
Farmer liability insurance is a homeowner’s agreement that covers the risk of a farmer’s liability, but only if (1) farming is not the insured’s primary occupation and (2) the farm is away from residential areas. Coverage under this approval may be extended to employers’ liability, including medical payments to agricultural workers of any insured person.
Farmers insurance are these policies, sometimes called farm insurance, that provide for homeowners, commercial real estate, and commercial liability. The unique combination of commercial and personal coverage is necessary because farms typically have both residential and commercial characteristics. The cover may apply to farms or ranches. These types of policies generally apply to family and individual farms rather than large commercial or corporate farms. Some truss covers can be written on a monoline basis.
FAS 113 - reinsurance accounting standards. FAS 113 does not allow captives to create meaningful loss allocation plans or financial reinsurance accounts.
FAS 115 are asset valuation standards. FAS 115 requires a significant amount of detail about a captive’s investment portfolio to be included in any audited annual report.