Insurance Terms: B

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Insurance Terms-A
  • Beach And Windstorm Plans: are state-sponsored insurance pools selling property insurance coverage to cover losses caused by the Peril of Windstorm.
  • Benefit Period: A health insurance term used to define the number of days benefits will be paid for claims made by named insured and other dependents covered on the policy.
  • A Binder is a temporary authorization of insurance coverage issued in advance of the actual insurance policy.
  • Blanket Insurance: Is insurance coverage for more than one type of property at the same location or one type of property at multiple locations.
  • Boat (Personal Watercraft) Insurance: Personal watercraft insurance in some cases can be added by an endorsement to a Homeowner Insurance policy, and many auto insurance companies also provide watercraft insurance. Depending on the size, speed and insurance company some personal watercraft or small boats may require their own insurance policy.
  • Bodily Injury Liability Coverage: Is the first part of the standard Auto Insurance Policy. BI insurance covers the injuries the insured policyholder may cause to another person.
  • Book Of Business: Is a phrase used to describe the total amount of insurance business an insurance company or an agent has issued and on “the books” at a given point in time.
  • Broker: Insurance salesperson and agent who searches the marketplace in the interest of clients, not insurance companies. Brokers serve as an intermediary between a customer and an insurance company.
  • Burglary And Theft Insurance: This Insurance covers when there is a loss of property because of a burglary, robbery or due to larceny. It’s typically included with the standard Homeowners policy and in many business multiple Peril policies.
  • Business Income Insurance (also known as Business Interruption Insurance): Is a commercial coverage that will reimburse an insured business owner for the lost profits and continuing fixed expenses if the business must be closed during repairs because of physical damage caused by a covered Peril.
  • Businessowners Policy or BOP: This is an insurance policy combining property, liability and business interruption insurance coverage. This type of policy is ideal for small to medium sized businesses. The insurance coverage is usually less expensive in a Package then if purchased as separate insurance policies.

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Glossary of Insurance Terms:

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