Glossary

Financial risk management encompasses methods or strategies used to mitigate financial risks, also known as speculative risks, as opposed to pure risks such as fire, windstorm, and flood for which insurance is typically purchased.

The Financial Stability Board was created by the Group of Twenty (G20) finance ministers and central bank governors in 2009 as a successor to the Financial Stability Forum. It was created to coordinate the work of national financial authorities and international standard-setting bodies to develop and promote the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability.

A financial statement is a firm's operating statements, including the balance sheet and profit and loss statement, along with associated information.

A financial transformation describes broad changes occurring in the insurance and financial markets since the repeal of the Glass-Steagall Act.

Fine arts coverage is inland marine property insurance for works of art, typically written with special valuation provision covering the items on either an agreed value or fair market value basis.

Finite risk insurance refers to an insurance contract that shifts the risk of loss from an insured to an insurer during a stated number of years.

A firewall is a network security device that protects an organization's private network from from hackers and viruses.

A fire brigade is a specified group of employees of an organization that are designated and trained to perform certain actions in the event of a fire affecting their facility.

Fire department service charge coverage in a property insurance policy pays for charges imposed by a fire department for their services in fighting a fire, usually subject to a separate limit of insurance, such as $1,000.

Fire legal liability coverage is the coverage of a tenant's liability for damage by fire to the rented premises (including garages) that the tenant occupies. Such coverage is usually provided as an exception to policy exclusions applicable to property in the insured's care, custody, or control (CCC). Under the standard commercial general liability (CGL) policy, fire legal liability of the named insured is covered subject to the "damage to premises rented to you" limit.