Free Of Particular Average (fpa)

Definition of "Free of particular average (fpa)"

Michael  Disimone real estate agent

Written by

Michael Disimoneelite badge icon

Coldwell Banker Realty

Marine insurance contract clause that limits an insurance company's liability. The company agrees to pay only losses that exceed a percentage or flat dollar amount; partial (below this percentage or amount) losses are not paid. In essence, the principle is like the deductible feature of other policies.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Annual contributions to a pension plan that exceed or are smaller than the minimum required for future employee benefits currently being earned; and any supplemental liability for past ...

In insurance, debit agents list of total premiums to be collected. This also applies to the geographical area in which an agent collects the premiums. ...

Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...

Type of individual retirement account (IRA) allowed by the employee retirement income security act of 1974 (ERISA), in which contributions are paid into the bank's interest-bearing ...

Insurance company's total premium income plus investment income. ...

Circumstance where an insurance company takes the place of an insured in bringing a liability suit against a third party who caused injury to the insured. For example, if a third party, ...

Detailed descriptive list made available to the survivor (s) of the insured showing: attorney, accountant, insurance agent, and location of important documents such as wills, power of ...

Method of accessing capital by the insurance industry in order to hedge against a future catastrophic occurrence. The mechanism works as follows: Primary insurance company AJAX pays a ...

Party that shares in the loss under an insurance policy or policies. ...

Popular Insurance Questions