Definition and meaning of BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE :

BUSINESS INCOME INSURANCE (also known as BUSINESS INTERRUPTION INSURANCE): Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks. Also known as business interruption insurance.

(Source: Insurance Information Institute )

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Definition and meaning of BENEFICIARY :

BENEFICIARY*: The person or legal entity the owner of an insurance policy names to receive the policy benefit if the event insured against occurs. (See Annuity beneficiary; Contingent beneficiary; Irrevocable beneficiary)

(Source: Insurance Information Institute )

Also see these pages: BENEFICIARY , Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Business Risk Exclusion :

Business Risk Exclusion: Also known as the (Product) Failure to Perform Exclusion. In Products Insurance, no coverage is provided for a product that does not meet the level of performance, quality, fitness, or durability warranted or represented by the insured. Coverage is provided, however, if liability results from a Bench Error or an Active Malfunction. See also the definitions of these two terms. (LA)

(Source: InsWeb)

Also see these pages: Business Risk Exclusion , Insurance Liability, Insurance Liability Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Basic Auto Policy :

Basic Auto Policy: Although still used today to insure substandard risks, two-wheel motorized vehicles, and commercial autos, the Basic Auto Policy has been primarily replaced by the Personal Auto Policy, which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle.

(Source: InsWeb)

Also see these pages: Basic Auto Policy , Auto Insurance, Auto Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Basic Auto Policy :

Basic Auto Policy:  Although still used today to insure substandard risks, two-wheel motorized vehicles, and commercial autos, the Basic Auto Policy has been primarily replaced by the Personal Auto Policy, which combines both physical damage coverage and liability insurance for claims arising out of the ownership or use of a vehicle.

(Source: CarInsurance.com )

Also see these pages: Basic Auto Policy , Car Insurance, Car Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Boston Plan :

Boston Plan: This is a plan under which insurers agree that they will not reject property coverage on residential buildings in a slum area. Instead, they will accept the coverage until there has been an inspection and the owner has had an opportunity to correct any faults. Boston was the first city to originate such a plan, and many other cities have followed, including New York, Oakland, Cleveland, and Buffalo. (PR)

(Source: InsWeb)

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Definition and meaning of Blanket Medical Expense :

Blanket Medical Expense:  A policy or provision in a Health Insurance contract that pays all medical costs, including hospitalization, drugs, and treatments, without limitation on any item except possibly for a maximum aggregate benefit under the policy. It is often written with an initial deductible amount. (H)

(Source: InsWeb)

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Definition and meaning of Basic Limits of Liability :

Basic Limits of Liability: The least amount of liability coverage that can be purchased, which is generally equivalent to the minimum amount required by state law. In determining rates, a carrier will use the basic limits to develop the base rates. If an insured person wants higher limits, the carrier applies an increased limits factor to the base rate in calculating the new premium for the increased coverage.

(Source: InsWeb)

Also see these pages: Basic Limits of Liability , Auto Insurance, Auto Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Basic Limits of Liability :

Basic Limits of Liability:  The least amount of liability coverage that can be purchased, which is generally equivalent to the minimum amount required by state law. In determining rates, a carrier will use the basic limits to develop the base rates. If an insured person wants higher limits, the carrier applies an increased limits factor to the base rate in calculating the new premium for the increased coverage.

(Source: CarInsurance.com )

Also see these pages: Basic Limits of Liability , Car Insurance, Car Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of BOND :

BOND: A security that obligates the issuer to pay interest at specified intervals and to repay the principal amount of the loan at maturity. In insurance, a form of suretyship. Bonds of various types guarantee a payment or a reimbursement for financial losses resulting from dishonesty, failure to perform and other acts.

(Source: Insurance Information Institute )

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Definition and meaning of BUSINESSOWNERS POLICY , BOP :

BUSINESSOWNERS POLICY / BOP: A policy that combines property, liability and business interruption coverages for small- to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies.

(Source: Insurance Information Institute )

Also see these pages: BUSINESSOWNERS POLICY , BOP , Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Brokerage :

The commission that is payable to a broker for placing an insurance or reinsurance contract with an insurer or a reinsurer. Compare fee for service.

 Although brokerage is payable by the insured as part of the gross premium the amount of brokerage is agreed by the insurer. The insured may request his broker to state the amount of his brokerage on a given placement. Similar considerations apply to reassureds under reinsurances.

 Sometimes the term brokerage may be used to refer the business of a broker.

(Source Lloyd's )

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Definition and meaning of Buy-Sell Agreement :

Buy-Sell Agreement: (1) An agreement among part-owners of a business which says that under stated conditions, i.e., disability or death, the person withdrawing from the business or his heirs are legally obligated to sell their interest to the remaining part-owners, and the remaining part-owners are legally obligated to buy at a price fixed in the agreement; (2) a similar agreement between an owner or part-owner of a business and a nonowner, such as a key employee. (LI)

(Source: InsWeb)

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Definition and meaning of Bumbershoot Policy :

Bumbershoot Policy: A Liability policy similar to the Umbrella policy which includes coverage related to Ocean Marine risks. In addition to General Liability coverage, Protection and Indemnity can be provided, as can Liability under the Longshoremen's and Harbor Workers' Act. Collision coverage can be provided and general average and salvage charges can be included. A shipyard would be interested in a Bumbershoot policy. (LA)

(Source: InsWeb)

Also see these pages: Bumbershoot Policy , Insurance Liability, Insurance Liability Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Businessowners Policy :

Businessowners Policy: A policy similar to the Special Multi-Peril policy. It provides Broad Property and Liability coverage in a single contract and is designed for small and medium-sized mercantile, office, or apartment risks. (The SMP policy can also be made to provide broad coverage, but additional endorsements are required.) (LA,PR)

(Source: InsWeb)

Also see these pages: Businessowners Policy , Insurance Liability, Insurance Liability Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B