Here is how I would describe the "Generally Accepted Airline Principles" of Full Fare

• A collection of one way segments that are refundable - in part or in whole
• No requirement for a return to origin
• No change fee
• No minimum or maximum stay
• Fare before association or corporate discounts

If the wording contains both round trip and full fare, I think that what the policy would imply is something modified from full fare as I have described it above:

• Fully refundable
• A fare that may be less than the sum of one way segment fares
• The fare may assume you are returning to your origin

If someone is offering you the ability to be reimbursed for a fully refundable round trip fare, this sounds pretty reasonable. Most might only expect to be reimbursed for the least expensive round trip fare - which would no doubt be considerably less. I'd be happy with what you've got and not loose too much sleep trying to reconcile the full fare and round trip portions of the verbage.