Glossary

Fraud is deception or artifice used to cheat or intentionally mislead. This is closely related to misrepresentation and concealment. Proof of fraudulent acts by an insured in procuring insurance may lead to a denial of coverage and voiding of the policy by the insurer. As a loss exposure, certain types of fraud can be insured by a commercial crime insurance policy.

Fraud Claim Law Associate is a claims law specialist designation offered by the American Educational Institute (AEI). It requires successful completion of both the AEI legal principles and fraud self-study programs.

Fraud Claim Law Specialist is a claims law specialist designation offered by the American Educational Institute (AEI). It requires successful completion of the AEI fraud self-study program.

"Free alongside" is one of several standard terms of sale for exports and imports. When goods are shipped FAS, the seller's responsibility ends when the merchandise is brought alongside the vessel (e.g., in a barge) or placed on the dock from which it will be loaded onto the vessel. The buyer is responsible for insuring the goods from that point on. When goods are shipped FAS, the seller's responsibility ends when the merchandise is brought alongside the vessel (e.g., in a barge) or placed on the dock from which it will be loaded onto the vessel. The buyer is responsible for insuring the goods from that point on.

Free of capture and seizure warranty refers to a clause in ocean marine policies that essentially functions to delete war risk coverage from hull insurance. Losses excluded are those due to nuclear weapons, mines, torpedoes, war (including civil war), piracy, and confiscation or nationalization of property.

Free of particular average is an ocean marine policy provision that eliminates all coverage for any partial loss of cargo.

Free of particular average—American conditions is an ocean marine policy provision that eliminates coverage for partial loss to cargo unless caused by stranding, sinking, fire, or collision.

Free of particular average—English conditions is an ocean marine policy provision that eliminates coverage for partial loss to cargo except in the event of stranding, sinking, fire, or collision (regardless of whether those perils were the proximate cause of the loss).

Free on board (FOB) is one of several standard terms used in contracts of sale to indicate responsibility for damage to goods during shipment. When goods are shipped FOB, the seller's responsibility ends when a carrier takes possession of them, or, with respect to ocean shipments, when the merchandise is placed safely aboard the vessel or when an on board bill of lading has been issued. The buyer is responsible for insuring the goods from that point on.

Free on board destination is one of several standard terms used in contracts of sale to indicate responsibility for damage to goods during shipment. When goods are shipped FOB destination, the seller's responsibility for the goods continues until they are delivered to the buyer in accordance with the contract terms.