F is one of YIQ’s favourite letters. F is for Football. And F is for Facebook. F is also for Financial Instability. Ok, that last one might not be a great example but a lot of insurance terms beginning with the letter F have cropped up throughout the YIQ blog so far. Let’s clear up a few more insurance terms.

File and Use Rating Laws

Laws which allow insurers to implement new rates without the prior approval of the state insurance department are called file and use rating laws. These new rates are usually supported by statistical data submitted by insurers. After these statistics are filed, insurers can begin to use the new rates. Of course if the rates are deemed to be unjustifiable or against the law, the insurance department will not approve the new rating.

Financing Entity

A financing entity is described as an underwriter, lender, placement agent or purchaser of a policy from a settlement provider. The function of a financing entity is to provide funds in order to purchase or settle one or more policies.


In insurance terms, a fixture is anything which is attached to a property. If you’re a tenant, any fixture that is removable is your responsibility as the tenant. Any immovable features are the concern of the landlord. In the case of a new, permanent feature being installed, the tenant and the landlord will have to come to an agreement over the coverage. A tenant may also have an interest in insuring some of the immovable fixtures of a property if they plan on living there for a long period of time.

Floater Insurance

Say you have a valuable set of golf clubs or a priceless painting hanging in your dining room and you want it to be covered by your insurance; this is what floater insurance is for. Floater insurance is a type of policy that provides additional coverage beyond the standard homeowners’ or renters’ insurance. This ensures that in the event your dog decides your new Persian rug is now his personal bathroom, the full value of the item will be replaced.

Hopefully, this has cleared up more insurance terms for you. Keep an eye out for more YIQ blogs that will help you understand that tricky insurance lingo.

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