Insurance terms starting with B

13 terms

  1. Base Flood The flood having a 1% chance of being equaled or exceeded in any given year.
  2. Base Flood Elevation (BFE) The elevation shown on the Flood Insurance Rate Map (FIRM) for Zones AE, AH, A1-A30, AR, AR/A, AR/AE, AR/A1-A30, AR/AH, AR/AO, V1-V30, and VE that…
  3. Basement Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides.
  4. Benchmark rate(s) The rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates.
  5. Beneficiary A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
  6. 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…
  7. Binder A temporary or preliminary agreement, in effect for less than 60 days, that provides coverage until a policy can be written or delivered.
  8. Bodily injury (BI) Physical injury to a person.
  9. 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.
  10. 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.
  11. Breakaway wall A wall that is not part of the structural support of the building and is intended through its design and construction to collapse under specific lateral…
  12. 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.
  13. Builders Risk Coverage for a home under construction. Claim payments are based on the percentage completed at time of loss.