Legal Terms

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Fee Simple.

Complete ownership of property with the unconditional right to dispose of it.

File-and-Use Rating Laws.

State laws pertaining to insurance rates which permit insurers to adopt new rates without the prior approval of the insurance department. Usually insurers submit their new rates along with supporting statistical evidence, but this is not necessary in all cases.

Financed Insurance.

Payment of insurance premiums, in whole or in part, with funds derived from borrowing, usually from the case value of the policy. Also known as Minimum Deposit Insurance, the Bank Loan Plan, and the Chicago Plan.

Fraud.

Dishonesty.