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Glossary
Table of Contents
Member of the Better Business Bureau
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 | Bad faith: the allegation that insurers have failed to act in good
faith, i.e., that they have acted in a manner inconsistent with what a
reasonable policyholder would have expected
| Bailees Customers Policy:
Policy that covers the loss or damage to property of customers
regardless of a bailee's legal liability.
| Basic Form: see Dwelling Property 1.
| Basis: An amount attributed to an asset for
income tax purposes; used to determine gain or loss on sale or
transfer; used to determine the value of a gift.
| 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. A
binder is subject to the premium and all the terms of the policy to be
issued.
| 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.
| Blanket Contract: A contract of
health insurance affording benefits, such as accidental death and
dismemberment, for all of a class of persons not individually
identified. It is used for such groups as athletic teams, campers,
travel policy for employees, etc.
| Blanket Medical Expense: A
provision which entitles the insured person to collect up to a maximum
established in the policy for all hospital and medical expenses
incurred, without any limitations on individual types of medical
expenses.
| 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
coverages 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.
| Book of Business: the number, size and type of accounts
(policyholders) that an agent "owns."
| Book
Value: the purchase price minus accounting depreciation
| Bordereau:
An itemized statement of transactions, today resembling a spreadsheet
format, commonly used in reinsurance.
| Branch Office System: Type of
life insurance marketing system under which branch offices are
established in various areas. Salaried branch managers, who are
employees of the company, are responsible for hiring and training new
agents.
| Break in Service: A calendar year,
plan year or other consecutive 12-month period designated by the plan
during which a plan participant does not complete more than 500 hours
of service.
| Broad Form: see Dwelling Property 2;
Homeowners 2 Policy.
| 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: Breaking and entering into another
person's property with felonious intent.
| Burglary and Theft Insurance:
Coverage against property losses due to burglary, robbery, or larceny.
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Business
income exposure: lost profits resulting from damage to property
that halts the business
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Business
interruption exposure: see
Business income exposure
| Business Insurance: A policy which
primarily provides coverage of benefits to a business as contrasted 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.
| Business Life Insurance: Life
insurance purchased by a business enterprise on the life of a member
of the firm. It is often bought by partnerships to protect the
surviving partners against loss caused by the death of a partner, or
by a corporation to reimburse it for loss caused by the death of a key
employee.
| 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. |
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