|Insurance Definitions and Insurance Terms Letter B
|Insurance Terms By Alphabet
|Insurance Glossary and Insurance Terms Definitions are below.
Choose the letter of the alphabet that your Insurance question or term falls under. You may browse the
definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.
|B-SHARE VARIABLE ANNUITY
A form of variable annuity contract with no initial sales charge but if the contract is cancelled the holder pays
deferred sales charges (usually from 5 to 7 percent the first year, declining to zero after from 5 to 7 years).
The most common form of annuity contract.
Provides a snapshot of a company’s financial condition At one point In time. It shows assets, including
investments and reinsurance, and liabilities, such as loss reserves to pay claims In the future, as of a certain
date. It also states a company’s equity, known as policyholder surplus. Changes In that surplus are one
indicator of an insurer’s financial standing.
A company that owns or controls one or more banks. The Federal Reserve has responsibility for regulating
and supervising bank holding company activities, such as approving acquisitions and mergers and
inspecting the operations of such companies. This authority applies even though a bank owned by a holding
company may be under the primary supervision of the Comptroller of the Currency or the FDIC.
0.01 percent of the yield of a mortgage, bond or note. The smallest measure used.
BEACH AND WINDSTORM PLANS
State-sponsored Insurance pools that sell property Coverage for the peril of windstorm to people unable to
buy it In the voluntary market because of their high exposure to risk. Seven states (AL, FL, LA, MS, NC, SC,
TX) offer these plans to cover residential and commercial properties against hurricanes and other
windstorms. Georgia and New York provide this kind of Coverage for windstorm and hail In certain coastal
communities through other property pools. Insurance companies that sell property Insurance In the state are
required to participate In these plans. Insurers share In profits and losses
Temporary authorization of Coverage issued prior to the actual Insurance policy.
Coverage for more than one type of property At one location or one type of property At more than one
location. Example: chain stores.
BODILY INJURY LIABILITY Coverage
Portion of an auto Insurance policy that covers injuries the policyholder causes to someone else.
BOILER AND MACHINERY Insurance
Often called Equipment Breakdown, or Systems Breakdown Insurance. Commercial Insurance that covers
damage caused by the malfunction or breakdown of boilers, and a vast array of other equipment including
air conditioners, heating, electrical, telephone, and computer systems.
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.
An evaluation of a bond’s financial strength, conducted by such major ratings agencies as Standard & Poor’s
and Moody’s Investors Service.
BOOK OF BUSINESS
Total amount of Insurance on an insurer's books At a particular point In time.
An intermediary between a customer and an Insurance company. Brokers typically search the market for
Coverage appropriate to their clients. They work on commission and usually sell commercial, not personal,
Insurance. In life Insurance, agents must be licensed as securities brokers/dealers to sell variable annuities,
which are similar to stock market-based investments.
BURGLARY AND THEFT Insurance for the loss of property due to burglary, robbery or larceny. It is provided
In a standard homeowners policy and In a business multiple peril policy.
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 interruption 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.
BUSINESS OWNERS 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
NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.
Florida Health Insurance
Florida Home Insurance
Florida Auto Insurance
Florida Life Insurance