The term cumis counsel is taken from the case San Diego Federal Credit Union v. Cumis Ins. Society. Cumis counsel refers to an independent attorney hired by an insurance company to represent the defendant in cases with a strong conflict of...
insurance
deductible
Deductible for legal purposes means some kind of expense that reduces the amount someone owes.
Regarding insurance, a deductible is an amount in an insurance claim that the provider deducts from a claim that must be paid by...
endowment insurance
Endowment insurance is similar to life insurance except the funds or “endowment” is payable to the holder or beneficiary at a specific date, not at the owner's death. The owner pays monthly installments with the confidence of receiving the...
errors and omissions
“Errors and omissions” refers to a type of liability insurance. Errors and omissions insurance, also termed “E&O insurance,” provides policy-holding professionals with coverage against damage suffered as a result of the professional’s...
face amount
Face amount refers to what the words or numbers on the printed page of a financial instrument literally say. Often used in the context of life insurance, the face amount refers to the stated amount of money payable to the deceased’s...
face value
Face value refers to the stated value of a security at the time of issuance. Face value can be applied to many things, like currency, but is usually used regarding stocks and bonds. For bonds, the face value is the same thing as par value:...
FDIC
The Federal Deposit Insurance Corporation (FDIC) insures $250,000 of deposits for each individual’s accounts at over 5,000 banks. This reassures depositors that their money is accessible in the situation where their bank fails, reducing the...
Federal Deposit Insurance Corporation (FDIC)
Federal Deposit Insurance Corporation (FDIC) is the U.S. government corporation that insures depositor’s accounts at most U.S. banks. The FDIC insures $250,000 of deposits for each individual’s accounts at over 5,000 banks. This reassures...
Federal Unemployment Tax Act (FUTA)
Federal Unemployment Tax Act (FUTA) was the bill passed in 1939 that established a payroll tax to fund unemployment benefits. The tax is 6% of the first $7,000 that each employee makes in a year, and the employer is responsible for all of the...
fire insurance
Fire insurance is a type of insurance policy that protects the policyholder in the event that their home or property is destroyed or damaged in a fire. Some other specified risks might also be covered by fire insurance, such as lighting,...