This glossary is for non-commercial educational purposes only. The
definition of the
terminology below is only a brief description and should not be considered factual or
the only definition possible. This information is only to help better inform you
of information related to liquidations.
A list of predetermined payment rates for specified medical services. As used in medical care plans, it usually represents the maximum amounts the program will pay for the specified procedures.
Fee-for-Service (FFS)
A method of payment to providers based on charges for each service provided. A set schedule of charges may be used. Sometimes used as a synonym for traditional "indemnity" plans. Payment may be made by an insurance company, the patient, or a government program such as Medicare or Medicaid.
Fidelity Bond
An instrument that provides protection to an employer against loss caused by the dishonest or fraudulent acts of employees.
Final Bar Date
Deadline for filing any and all Proofs of Claim, whether timely or late, against an insurance company in liquidation.
Fraudulent Transfer
A transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful complaint for rehabilitation or liquidation under sections 3903.01 to 3903.59 of the Ohio Revised Code if made or incurred without fair consideration, or with actual intent to hinder, delay, or defraud either existing or future creditors.
Fronting
The issuance of insurance policies by an insurer as an accommodation to another insurer. Usually, the insurer providing the fronting facility cedes all or substantially all the risk, as well as a significant percentage of the premium, to the insurer being accommodated. This device often is used to enable an insurer to underwrite risks in a jurisdiction in which it is not licensed.
Fronting Company
An insurer that fronts insurance policies for the benefit of another insurer.
