Definition and meaning of Bank Loan Plan :

Bank Loan Plan: See Financed Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Business :

Business: The face amount of Life insurance written. (LI)

(Source: InsWeb)

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Definition and meaning of Boiler and Machinery Insurance :

Boiler and Machinery Insurance: Insurance against the sudden and accidental breakdown of boilers, machinery, and electrical equipment. Coverage is provided on (1) damage to the equipment, (2) expediting expenses, (3) property damage to the property of others, and (4) supplementary payments; and (5) automatic coverage is provided on additional objects. Coverage can be extended to cover consequential losses and loss from interruption of business. (PR)

(Source: InsWeb)

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Definition and meaning of business life insurance :

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. (Also known as key person insurance.)

(Source: Bank of America )

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Definition and meaning of Benefits of Survivorship :

Benefits of Survivorship: See Survivorship Benefits. (LI)

(Source: InsWeb)

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Definition and meaning of Binding Receipt :

Binding Receipt: See Conditional Binding Receipt. (LI,H)

(Source: InsWeb)

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Definition and meaning of BI :

BI: See Bodily Injury Liability. This is what these letters most often refer to in the liability field. (LA)

(Source: InsWeb)

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Definition and meaning of Binding Receipt :

Binding Receipt:  See Conditional Binding Receipt. (LI,H)

(Source: InsWeb)

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Definition and meaning of Book Value :

Book Value: the purchase price minus accounting depreciation

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Burglary :

Burglary: Breaking and entering into another person's property with felonious intent.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Basic Form :

Basic Form: see Dwelling Property 1.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of BINDER :

BINDER: Temporary authorization of coverage issued prior to the actual insurance policy.

(Source: Insurance Information Institute )

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Definition and meaning of benefit :

benefit: Amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured suffers a loss.

(Source: Bank of America )

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Definition and meaning of Business Personal Property :

Business Personal Property: Traditionally known as "contents," this term actually refers to furniture, fixtures, equipment, machinery, merchandise, materials, and all other personal property owned by the insured and used in the insured's business. (PR)

(Source: InsWeb)

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Definition and meaning of Benefit Package :

Benefit Package:  A description of what services the insurer or health plan offers to those covered under the terms of a health insurance contract. (H)

(Source: InsWeb)

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Definition and meaning of BI :

BI: See Business Interruption Insurance and Business Income Coverage Form. This is what these letters most often refer to in the property field. (PR)

(Source: InsWeb)

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Definition and meaning of Block Policy :

Block Policy: An All-Risk policy which derives its name from the French term en bloc meaning "all together." It provides coverage on stock, property being transported, property in bailment, and the property of the insured on the premises of others. (PR)

(Source: InsWeb)

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Definition and meaning of Broad Form :

Broad Form: A term generally used to designate policies that provide insurance for multiple types of perils over and above the usual basic perils, or additional coverages beyond standard coverages. (PR,LA)

(Source: InsWeb)

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Definition and meaning of Beneficiary :

Beneficiary: A person who may become eligible to receive or is receiving benefits under an insurance policy other than a participant. See also Irrevocable Beneficiary, Revocable Beneficiary, Primary Beneficiary, Secondary Beneficiary, Tertiary Beneficiary, and Contingent Beneficiary. (LI)

(Source: InsWeb)

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Definition and meaning of Bench Error :

Bench Error: A term used in Products Insurance which describes a loss that occurs in the production process. For instance, if production workers mistakenly use the wrong ingredients in a chemical formula, a bench error has occurred. Bench errors are covered. (LA)

(Source: InsWeb)

Also see these pages: Bench Error , Insurance Liability, Insurance Liability Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Benefit Levels :

Benefit Levels:  The maximum amount a person is entitled to receive for a particular service or services as spelled out in the contract with a health plan or insurer. (H)

(Source: InsWeb)

Also see these pages: Benefit Levels , Health Insurance, Health Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B