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Glossary of Insurance Terms - B

Glossary of terms used in insurance - B

  1. Benefit: This is the amount paid by the company for a claim when the insured person suffers a loss.
  2. Brand Name: A particular drug manufactured by a particular company. The company usually patents it. When the patents expire, the drugs are sold at lesser price by other companies under different names.
  3. Broker: An insurance salesperson who provides the customer information about various plans and benefits.
  4. Basic Hospital Insurance: A policy purchased only to cover basic costs of hospitalization. The covers are usually restricted to inpatient services.
  5. Benefit Period: This is the time after you have paid your deductibles. This is the time you are eligible for maximum cover. It may range from one to three years.
  6. Board Certified: A physician who has completed an evaluation by the American board of medical specialties. This rating ensures that you receive quality care.
  7. Bed Days/1000: The number of days members have been inpatient. This is calculated per 1000 members in a plan.
  8. Benefit Consultant: An individual or organization hired to review the benefits packages. He recommends on various aspects of the plan.
  9. Birthing Centre: A facility that allows a patient to give birth in a homely environment.
  10. Board Eligible: A health care provider who has passed out from an approved institution and can take a specialty board examination.
  11. Balance Sheet: This refers to a list of the companyís assets, surplus and liabilities on a particular date.
  12. Beach and Windstorm Plans: These are insurance pools which are state sponsored. They sell property coverage to people who are unable to buy it in the voluntary market because they are high risk. Seven states in the country offer these plans covering commercial and residential properties against windstorms and hurricanes. Companies which sell property insurance in a state should participate in such plans. The profits and losses are shared by the insurers.
  13. Bestís Capital Adequacy Relativity (BCAR): This term refers to a companyís capital strength as compared to that of its peers. It is an important part of its overall rating. It is obtained by dividing the companyís capital adequacy ratio by the capital adequacy ratio of the median of its peers. This is done by using Bestís Proprietary Capital Mode. It is calculated as the net capital necessary to support underwriting. It is also calculated to indicate credit risks.
  14. Binder: This is the temporary cover provided till the actual start of the insurance.
  15. Blanket Insurance: This is the coverage to all properties at one location or one type of property at many locations as in chain stores.
  16. Boiler and Machinery Insurance: This is often referred to as equipment breakdown or system breakdown insurance. This is a type of commercial insurance that covers malfunction of boilers and other equipment.
  17. Bond: This is a type of surety for insurance companies. This is a type of guarantee for financial losses as a result of failure to perform and other causes.
  18. Bond Rating: A review of the bondís financial strength. The ratings are conducted by established agencies like Standard and Poorís.
  19. Book of Business: This refers to the total insurance on the insurerís book at a certain point of time.
  20. B Share Variable Annuity: This is a type of variable annuity contract which has no sales charge initially. However, if the contract is cancelled, the owner has to pay deferred sales charges. It is a common type of annuity contract.
  21. Burglary and Theft Insurance: This is a type of insurance taken in order to safeguard against loss of property due to burglary or larceny. It is provided in both home owners policy and in business peril policies.
  22. Business Income and Extra Expense Insurance/Business Interruption Insurance: This is a commercial coverage against loss in profits or for meeting costs in the event of a covered peril like fire. It may also provide coverage for such situations as limited access to an area after a natural disaster. The coverage of civil authorities may begin after a waiting period, depending on the type of policy.
  23. Business Ownersí Policy: This is policy coverage for small to medium businesses. It includes property and liability coverage together with coverage against interruptions in business.

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