Auto Insurance terms starting with B

7 terms

1. Benchmark rate(s) The rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates.
2. Betterment A condition relating to original equipment, or older parts, on your automobile, when having been damaged in an accident may only be replaced with new…
3. Binder A temporary or preliminary agreement, in effect for less than 60 days, that provides coverage until a policy can be written or delivered.
4. Bodily injury (BI) Physical injury to a person.
5. Bodily Injury Liability If you injure someone in a car accident, this coverage pays his/her medical and rehabilitation expenses and any damages for which you are found liable.
6. Bodily Injury Liability Coverage Pays for another person's bodily injury or death in an accident that you may be found legally liable to pay.
7. Broker An agent who handles the public's orders to buy and sell securities, commodities or other property. A commission is generally charged for this service.