- First-Loss Insurance
Property insurance where the sum insured is accepted to be less than the total value of the property but the insurer undertakes to pay claims up to the sum insured. The premium rate will be higher than if the insurance is for the full value.
Originally a group of ships but applied to groups of vehicles.
- Fraudulent Misrepresentation
Misrepresentation made knowingly with intent to deceive, or recklessly without care whether it be true or false
Where an Insurer issues a Policy which is in fact 100% covered by some other Insurer or Reinsurer.