Glossary- Life Insurance, Health Insurance, Retirement

Family history

The medical history affecting the applicant's immediate family. It is to look for illness that is hereditary. Focus should be on illness where the onset is before the age of 50.

Fixed income securities

The category of investment vehicles that offer a fixed periodic return. A fixed income security is a security or certificate showing that the investor has lent money to the issuer, who is usually a company or government, in return for fixed interest income and repayment of the principal at maturity.

FI

Financial Institution.

Fixed annuity

An annuity where the insurer guarantees to credit the annuity account value with a fixed rate of interest for a specified period of time, for one, three, five or even ten years. At the end of the initial time period, the insurer sets a new interest rate for the next period.

Fixed Interest

Income, which remains constant and does not fluctuate, such as income derived bonds, annuities and preferences shares. The percentage return from this income varies dependent on the market price.

Fixed period option

An option on an annuity that provides that annuity payments, each of specified and equal amounts, will be paid for a certain period of time such as 10 or 15 years, even if the annuitant is still living at the end of the period.

Fraudulent claims

These are claims where a statement is made by the insured, which he knows or ought to know that it is false, and he makes it in order to benefit from a life insurance policy by dishonest means.

Fund assets

Amount of assets currently in the fund.