|
 Insurance
Definitions
B
 Return
To Alpha Index
- Bailees : A person who has lawful
possession of the personal property of another
in trust for a specific purpose and who is
obligated to have it returned.
- Benefit Period: A period of time
typically one to three years during which major
medical benefits are paid after the deductible
is satisfied. When the benefit period ends, the
insured must then satisfy a new deductible in
order to establish a new benefit period.
- Benefits: The amount payable by the
insurance company to a claimant, assignee or
beneficiary under each coverage.
- Binder: A written or oral contract
issued temporarily to place insurance in force
when it is not possible to issue a new policy or
endorse the existing policy immediately.
- Binding Receipt: A receipt given for
a premium payment accompanying the application
for insurance. If the policy is approved, this
binds the company to make the policy effective
from the date of the receipt.
- Blackout Period: The period during
which Social Security benefits are not paid to a
surviving spouse- between the time the youngest
child reaches age sixteen and the widow's
sixtieth birthday.
- Blue Cross: An independent, nonprofit
membership corporation providing protection on a
service basis against the cost of hospital care
in a limited geographical area.
- Blue Shield: An independent,
non-profit membership corporation providing
protection on a service basis against the cost
of surgical and medical care in a limited
geographical area.
- Boat Owners Package Policy: A special
package policy for boat owners that combines
physical damage insurance, medical expense
insurance, liability insurance, and other
coverage's in one contract.
- Boiler and Machinery Insurance:
Coverage for loss arising out of the operation
of pressure, mechanical, and electrical
equipment. It covers loss of the boiler and
machinery itself, damage to other property, and
business interruption losses.
- Bond: A certificate issued by a
government or corporation as evidence of a debt.
The issuer of the bond promises to pay the
bondholder a specified amount of interest for a
specified period and to repay the loan on the
expiration (maturity) date.
- Broker: A marketing specialist who
represents buyers of property and liability
insurance and who deals with either agents or
companies in arranging for the coverage required
by the customer.
- Burglary: Forcible and unlawful entry
into another person's property with the purpose
to committing a crime.
- Burglary and Theft Insurance:
Coverage against property losses due to
burglary, robbery, or larceny.
- Business Insurance: A policy which
primarily provides coverage of benefits to a
business as opposed to an individual. It is
issued to indemnify a business for the loss of
services of a key employee or a partner who
becomes disabled.
- Business Interruption Insurance:
Protection for a business owner against losses
resulting from a temporary shutdown because of
fire or other insured peril. The insurance
provides reimbursement for lost net profits and
necessary continuing expenses.
- Buy-Sell Agreement: An agreement made
by the owners of a business to purchase the
share of a disabled or deceased owner. The value
of each owner's share of the business and the
exact terms of the buying-and-selling process
are established before death or the beginning of
disability.
|
|
Return
To Alpha Index
|