BI See bodily injury.
BOP Businessowners Policy.
bailee A person who has lawful, temporary possession
of the personal property of another in trust for a specific purpose,
and who is obligated to return it.
bailor The person who gives or entrusts their
personal property to another person.
beneficiary The party to
whom the proceeds of a life insurance policy or the values of an annuity policy
are payable when the insured or annuitant dies. There are, however, various
types of beneficiaries, including the following which are defined in this
glossary: · contingent beneficiary · irrevocable beneficiary · primary beneficiary
· revocable beneficiary
benefit period In health
insurance, the length of time money will be payable by the insurer to the
insured under the provisions of an insurance policy.
benefits The money provided by an insurance
policy to be paid for covered losses.
binder A statement that coverage is in force;
a preliminary, temporary agreement between the carrier and the insured
to provide immediate coverage. The purpose of the binder is to provide
temporary coverage until the policy arrives.
blanket insurance A type of property
insurance that covers, through a single contract, more than one type
of property in one location or one or more types of property at more
than one location.
bodily injury Refers to physical injury,
sickness, or disease, or death, subject to any definitions or limitations
in the policy.
bodily injury liability The legal
obligation that stems from the injury or death of another person.
bond See fidelity bond and surety bond.
bordereau Memorandum containing detailed information
regarding the passing of reinsurance from one insurance company to another
under a reinsurance agreement.
broker A person who acts as the representative
of the applicant for insurance. Although brokers are compensated with
a commission from the insurance company (just like agents), they do
not represent the insurer. Their sole duty is to get the best possible
coverage for their clients at the lowest possible cost.
business insurance; partnership
insurance; corporation insurance
Insurance concerned primarily with the coverage of an insured's business or
vocation. Business insurance protects a business against the loss of its "valuable
lives" or key people, stabilizes the business through the establishment of
better credit relations, and can provide a practical plan for the retirement
of business interests in the event of the death of one of the owners.
business interruption insurance
Protects against the loss of prospective earnings because of the interruption
or suspension of business caused by an insured peril.
buy-back deductible
A deductible that may be eliminated for an additional premium, thereby providing
first dollar coverage.
