Glossary

The four-corners test is a legal principle to establish whether an insurer owes a duty of defense to its insured.

A fractional premium is one that is paid over time—for example, monthly, quarterly, or semiannually during the policy period.

Fracture types pertain to bone fracture claims. When assessing insurance claims for bone fractures, claims adjusters need to specify what type of fracture it is.

Frame construction is one of six building construction categories established by Insurance Services Office, Inc. (ISO), in its Commercial Lines Manual (CLM) for purposes of developing rates for insuring commercial property, based on susceptibility to damage by fire.

Franchise deductible refers to a minimum amount of loss that must be incurred before insurance coverage applies. A franchise deductible differs from an ordinary deductible in that, once it is met, the entire amount of the loss is paid, subject to the policy limit.

Franchise insurance is insurance for groups too small to qualify for true group coverage.

A fraternal benefit society is an organization of people who usually share a common ethnic, religious, or vocational affiliation.

Fraud is deception or artifice used to cheat or intentionally mislead.

Fraud Claim Law Associate is a claims law specialist designation offered by the American Educational Institute (AEI).

Fraud Claim Law Specialist is a claims law specialist designation offered by the American Educational Institute (AEI).