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.
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.
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.
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.
Book of Business: the number, size and type of accounts (policyholders) that an
agent "owns."
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.
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.
Click on the letter of alphabet, which the word you are looking for begins with:
