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Legal Terms Glossary -F-


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Fair market value – The value for which a reasonable seller would sell an item of property and for which a reasonable buyer would buy it.

Family law – Those areas of the law pertaining to families, i.e., marriage, divorce, child custody, juvenile, paternity, etc.

Federal Aviation Agency (FAA) – A federal agency which regulates air commerce to promote aviation Administration safety.

Federal Bureau of (FBI) – A federal agency which investigates all violations of federal Investigation laws.

Federal Communications (FCC) – A federal agency which regulates interstate and foreign Commission communications by wire and radio.

Federal Deposit Insurance (FDIC) – An agency which insures deposits in banking institutions in Corporation the event of financial failure.

Federal Mediation and Conciliation Service – An agency which provides mediators to assist in labor-management disputes.

Federal Register – A daily publication which contains federal administrative rules and regulations.

Federal Supplement – Books which gives the government certain control and power to regulate discharge of pollutants into the nation’s waters in an effort to achieve clean waters.

Federal Unemployment Tax – A tax levied on employers based on employee wages paid. (FUTA tax)

Felony – A serious criminal offense. Under federal law any offense punishable by death or imprisonment for a term exceeding one year.

Fiduciary – A person or institution who manages money or property for another and who must exercise a standard care imposed by law, i.e., personal representative or executor of an estate, a trustee, etc.

File – To place a paper in the official custody of the clerk of court/court administrator to enter into the files or records of a case.

Filing Fee – The fee required for filing various documents.

Finding – Formal conclusion by a judge or regulatory agency on issues of fact. Also, a conclusion by a jury regarding a fact.

First Party – The policyholder (insured) in an insurance contract.

Food and Drug (FDA) – A federal agency which sets safety and quality standards for Administration food, drugs, cosmetics, and household substances.

Foreclosure – A court proceeding upon default in a mortgage to vest title in the mortgagee.

Forfeiture – A cancellation. A legal action whereby a contract purchaser following default loses all his interest in the property.

Fraud – A false representation of a matter of fact which is intended to deceive another.

Full Tort – With a Full Tort selection, you retain unrestricted rights to bring suit against the negligent party.

Funeral Benefit – This coverage pays, up to a certain dollar amount, money for funeral expenses if you or a family member dies as a result of an auto accident.