1. beneficiary
The person or financial instrument (for example, a trust fund), named in the
policy as the recipient of insurance money in the event of the policyholder's
death.
2. benefit
Amount payable by the insurance company to a claimant, assignee, or
beneficiary when the insured suffers a loss.
3. binding receipt
A receipt given for the payment which accompanies an application for
insurance. If the policy is approved, the payment "binds" the company to
make the policy effective from date of receipt.
4. blanket contract
Contract for health insurance that coves a class of persons. It is used for
groups such as athletic teams and for employee travel.
5. blanket medical expense
A provision that entitles the insured person to collect up to a maximum for all
hospital and medical expenses, without limitations on specific types of
medical expenses.
6. blue cross
Nonprofit corporation providing protection to its members against the cost of
hospital care in a limited geographic area.
7. blue shield
Nonprofit corporation providing protection to its members against the cost of
surgery and other items of medical care in a limited geographic area.
8. broker
A sales and service representative who handles insurance for clients,
generally selling insurance of various kinds and for several companies.
Brokers resemble agents, except for the fact that, in a legal sense, brokers
represent the party seeking insurance rather than the insurance company.
See Agent, Producer.
9. business insurance
A policy that provides coverage to a business. It is often purchased to
indemnify a business for the loss of services if a key employee (such as a
partner) becomes disabled.
10. 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.)
The person or financial instrument (for example, a trust fund), named in the
policy as the recipient of insurance money in the event of the policyholder's
death.
2. benefit
Amount payable by the insurance company to a claimant, assignee, or
beneficiary when the insured suffers a loss.
3. binding receipt
A receipt given for the payment which accompanies an application for
insurance. If the policy is approved, the payment "binds" the company to
make the policy effective from date of receipt.
4. blanket contract
Contract for health insurance that coves a class of persons. It is used for
groups such as athletic teams and for employee travel.
5. blanket medical expense
A provision that entitles the insured person to collect up to a maximum for all
hospital and medical expenses, without limitations on specific types of
medical expenses.
6. blue cross
Nonprofit corporation providing protection to its members against the cost of
hospital care in a limited geographic area.
7. blue shield
Nonprofit corporation providing protection to its members against the cost of
surgery and other items of medical care in a limited geographic area.
8. broker
A sales and service representative who handles insurance for clients,
generally selling insurance of various kinds and for several companies.
Brokers resemble agents, except for the fact that, in a legal sense, brokers
represent the party seeking insurance rather than the insurance company.
See Agent, Producer.
9. business insurance
A policy that provides coverage to a business. It is often purchased to
indemnify a business for the loss of services if a key employee (such as a
partner) becomes disabled.
10. 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.)
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