Glossary

Foreign voluntary workers compensation (FVWC) coverage is needed if the insured employs workers outside the United States or maintains a physical location in another country. FVWC coverage is sometimes referred to as employers responsibility coverage. It typically covers three categories of workers. U.S. hires or "expats": These are citizens or legal residents of the United States who have been hired to work outside of the United States. Third country nationals (TCNs): These are workers hired in a country outside the United States who are assigned to work in a country other than their country of origin. An example is a French citizen who is assigned to work in the United Kingdom. Local nationals: These are workers hired in a country outside the United States to work in that country. For example, a French citizen assigned to work in France is a local national.

Forgery or alteration coverage insures against loss due to forgery (signing the name of another with intent to deceive) or alteration of the insured's checks, bank drafts, and other financial instruments drawn against the insured's bank account.

A form is a document prepared in a prescribed arrangement of words and layout.

Formularies in workers compensation have the goal of ensuring injured workers are given the most appropriate medications for their conditions at the right dosage. Drug formularies started in the group health area and were primarily a way to reduce costs, since out-of-pocket expenses are involved. There are different tiers to guide the best drug for the patients with the aim of finding the one that is the least expensive. Because workers compensation does not typically include copays, the goal for many jurisdictions is clinical efficacy—finding the medication that will result in the best outcome for the injured worker and get them back to function and, ultimately, work.

A fortuitous event is one subject to chance without the implication of suddenness.

A forum is a court or place of jurisdiction where a lawsuit is filed or in which a hearing or trial is conducted.

A forum selection clause is a contractual provision in which the parties establish the place of jurisdiction (such as the court or judicial body) for any litigation between them arising under the contract. Parties commonly include these clauses so that they can pick a forum more favorable to their needs, thus increasing predictability and convenience.

Forum shopping is a term used to describe a search by legal counsel for the best venue or jurisdiction for a particular lawsuit.

A forward is an agreement (other than a future) to make or take delivery in the future of one or more underlying interests, or effect a cash settlement, based on the actual or expected price, level, performance, or value of such underlying interests. The expression does not mean or include spot transactions effected within customary settlement periods, when issued purchases, or other similar cash market transactions.

A forward contract is an options contract that permits a seller to fix the price of a commodity to be sold on a future date. The benefit to the seller is that it locks in a buyer and a price. The buyer is betting that the market price of the commodity at the specified future date will be greater than that which they were contracted to pay, thus creating value.