Insurance Terminology F

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1. FACE AMOUNT
   This refers to the principal sum involved in the insurance contract.
2. FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS / FAIR PLANS
   Insurance pools that sell property insurance to people who can't buy it from normal insurance carriers because of high risk over which they may have no control. FAIR Plans, which exist in 28 states and the District of Columbia, insure fire, vandalism, riot and windstorm losses, and some sell homeowners insurance which includes liability.
3. FAMILY BENEFIT COVERAGE
   A type of supplementary benefit rider for a life insurance policy that insures the lives of the insured's spouse and children.
4. FIRE INSURANCE
   This is coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners policies.
5. FLOATER
   An insurance policy that provides coverage for mobile property, such as jewelry, regardless of location.
6. FLOOD INSURANCE
   Coverage for flood damage is available through the National Flood Insurance Program, but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy.