Jargon Explained

    1. A
    2. B
    3. C
    4. D
    5. E
    6. F
    7. G
    8. H
    9. I
    10. J
    11. K
    12. L
    13. M
    14. N
    15. O
    16. P
    17. Q
    18. R
    19. S
    20. T
    21. U
    22. V
    23. W
    24. X
    25. Y
    26. Z

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    Fellow of the Chartered Insurance Institute (FCII)

    Definition

    The highest professional insurance qualification awarded by the Chartered Insurance Institute.

    Explanation

    Fellow of the Chartered Insurance Institute (CII), having passed the relevant examinations for the highest qualification of the CII. Used when talking about professional qualifications in the insurance industry.

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    Financial Services Authority (FSA)

    Definition

    The body that regulates and monitors the financial services industry. It is independent of the Government and the financial services industry.

    Explanation

    Used when talking about the organisation that regulates financial services.

    The Financial Services Authority (FSA) was established in legislation. It is funded by the financial services industry itself.

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    Follow up (F/up)

    Definition

    A note that a follow up action is being taken by AXA.

    Explanation

    Used when talking about statements, accounts and invoices.

    If this is shown on a statement, account, invoice or similar document, this is a note for AXA use only.

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    Force majeure

    Definition

    An event that is beyond anyone's control.

    Explanation

    Used when considering insurance policy wordings and the extent of cover.

    This term is rarely used nowadays, but you may come across it in some older exclusion wordings.

    Force majeure is a French term meaning 'superior force' and could be described as an 'act of God'. These clauses excuse a party from liability if some unforeseen event beyond the control of that party prevents it from performing its obligations under the contract.

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    Franchise

    Definition

    Exclusion of all losses falling below a set limit, while losses that exceed the limit are paid in full.

    Explanation

    Used when talking about insurance policies.

    This term is rarely used nowadays.

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    Fraud

    Definition

    The act of lying or deliberately deceiving – usually to make a gain, or to cause someone else to make a loss or to suffer a disadvantage.

    Explanation

    Used when talking about insurance policy conditions.

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    Full medical underwriting (FMU)

    Definition

    When medical insurance is offered based on the member's medical history.

    Explanation

    Used when talking about underwriting medical insurance.

    With full medical underwriting, the applicant must provide details of their medical history by filling in a medical history questionnaire or answering medical questions during a telephone call.

    If medical insurance is offered on a full medical underwriting basis, pre-existing conditions are excluded from the policy.

    The term full medical underwriting is sometimes shortened to 'fully underwritten'.

    Fully underwritten is one basis for underwriting medical insurance. Other types of basis include 'Medical History Disregarded' and 'Moratorium'.

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