Definition and meaning of Branch Office System :

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.

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

Also see these pages: Branch Office System , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Broker :

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.

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

Also see these pages: Broker , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Benefit Period :

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.

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

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Definition and meaning of Benefits :

Benefits: The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.

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

Also see these pages: Benefits , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Binder :

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.

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

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Definition and meaning of Binding Receipt :

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.

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

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Definition and meaning of Blanket Contract :

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.

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

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Definition and meaning of Blanket Medical Expense :

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.

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

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Definition and meaning of Bad faith :

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

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

Also see these pages: Bad faith , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Binder :

Binder:  An oral or written statement providing immediate insurance protection, valid for a specific period. Designed to provide temporary coverage until a policy can be issued or denied.

(Source: CarInsurance.com )

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Definition and meaning of Beyond economic repair :

Where the cost of repairing the insured property, e.g. a car, exceeds the market value of that property. In such circumstances the insurer will pay the insured the market value of the insured property at the date of loss, subject to the terms of the policy (assuming the insurer is not under any obligation to provide a replacement).

(Source Lloyd's )

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Definition and meaning of Basic Limits of Liability :

Basic Limits of Liability: Minimum amounts of insurance. The term is usually used in reference to Bodily Injury and Property Damage limits that are either the lowest amounts which can be written at the published or manual rates, the minimum amount of insurance an insurer is willing to underwrite, or the minimum amount of insurance required by law, e.g., Automobile Insurance financial responsibility laws. (LA,AU)

(Source: InsWeb)

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Definition and meaning of Basic Coverage Form :

Basic Coverage Form: Any of the commercial or personal lines property forms which provide basic coverages. These forms generally provide the most limited coverage, which is surpassed by broad forms and special forms. (PR)

(Source: InsWeb)

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Definition and meaning of Basic Form Rates :

Basic Form Rates: Under the latest commercial lines program, Basic Form Rates are arrived at by adding Group I and Group II rates together. Refer to Group I Rates and Group II Rates. (PR)

(Source: InsWeb)

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Definition and meaning of Blackout Period :

Blackout Period: The period of time during which a surviving spouse no longer receives survivors benefits (after the youngest child is no longer eligible) and before he or she is eligible for retirement benefits. (LI)

(Source: InsWeb)

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Definition and meaning of Blasting and Explosion Exclusion :

Blasting and Explosion Exclusion: Exclusion of liability for damages from blasting or explosions. Rates for the types of construction work followed by the letter "X" in the manual exclude this coverage. If it is desired, an additional rate must be charged. (LA)

(Source: InsWeb)

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Definition and meaning of Blowout and Cratering :

Blowout and Cratering: These are industry terms having to do with accidents that can arise from drilling operations. Generally, they are either excluded under the Liability policy or can be added by endorsement for an additional premium, depending upon the judgment of the underwriter. (LA)

(Source: InsWeb)

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Definition and meaning of Business Liability :

Business Liability: The term used to describe the liability coverages provided by the Businessowners Liability Coverage Form. It includes liability for bodily injury, property damage, personal injury, advertising injury, and fire damage. (LA)

(Source: InsWeb)

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Definition and meaning of Base Capitation :

Base Capitation:  The total amount which covers the cost of health care per person, minus any mental health or substance abuse services, pharmacy, and administrative charges. (H)

(Source: InsWeb)

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Definition and meaning of Benefit Period :

Benefit Period:  Defines the period during which a Medicare beneficiary is eligible for Part A benefits. A benefit period is 90 days which begins the day the patient is admitted to a hospital and ends when the individual has not been hospitalized for a period of 60 consecutive days. (H)

(Source: InsWeb)

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Definition and meaning of Billed Claims :

Billed Claims:  The amounts submitted by a health care provider for services provided to a covered individual. (H)

(Source: InsWeb)

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Definition and meaning of Birthday Rule :

Birthday Rule:  One method of determining which parent's medical coverage will be primary for dependent children: the parent whose birthday falls earliest in the year will be considered as having the primary plan. (H)

(Source: InsWeb)

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