Glossary

401(k) plans are the most common type of defined contribution retirement plan, in which employees choose to defer part of their pre-tax compensation.

401(k) fee claims allege that the individuals responsible for administering a company's 401(k) retirement plan have allowed the plan's service providers to charge excessive fees.

A face amount means the amount of insurance provided.

A facility emergency coordinator is the representative of a facility covered by environmental law, such as a chemical plant, who participates in the emergency reporting process with the Local Emergency Planning Committee (LEPC).

Facultative automatic is a form of property and casualty (P&C) reinsurance that is a hybrid between facultative and treaty.

A facultative obligatory treaty is the hybrid between the facultative versus treaty approach.

Facultative reinsurance is a form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction.

A failure to collect contributions exclusion is a standard exclusion in fiduciary liability policies that precludes coverage for claims caused by a fiduciary's failure to collect contributions owed to a pension or benefit plan.

A failure to fund in accordance with ERISA exclusion is a standard exclusion in fiduciary liability policies that precludes coverage for claims alleging failure to fund in accordance with the guidelines prescribed by the Employee Retirement Income Security Act (ERISA).

A failure to insure exclusion is found primarily in directors and officers (D&O) liability policies and, to a lesser extent, in public officials liability policies.