COLLISION GLOSSARY

F
Fair Market Value: The price at which property would change hands between a willing buyer and a willing seller, where both parties have reasonable knowledge of the relevant facts and neither party is under any compulsion to buy or sell.
FEA: This is an acronym for Front End Alignment, or, depending on the vehicle, may specially indicate four-wheel-alignment.
Financial Responsibility Law: A law requiring the owner of a vehicle to show proof of financial ability to pay for negligence in causing losses to others from the operation of a motor vehicle.  In all but 3 states it is illegal to operate a vehicle without obtaining proof of insurance, although some states permit self-insurance or a financial responsibility bond.
Flex-Additive: A chemical added to automotive refinish paint which makes the paint flexible enough to adhere to flexible vehicle parts such as bumper covers.