Glossary B 

BI See bodily injury.

BOP Businessowners Policy.

bailee A person who has lawful, temporary possession of the personal property of another in trust for a specific purpose, and who is obligated to return it.

bailor The person who gives or entrusts their personal property to another person.

beneficiary The party to whom the proceeds of a life insurance policy or the values of an annuity policy are payable when the insured or annuitant dies. There are, however, various types of beneficiaries, including the following which are defined in this glossary: · contingent beneficiary · irrevocable beneficiary · primary beneficiary · revocable beneficiary

benefit period In health insurance, the length of time money will be payable by the insurer to the insured under the provisions of an insurance policy.

benefits The money provided by an insurance policy to be paid for covered losses.

binder A statement that coverage is in force; a preliminary, temporary agreement between the carrier and the insured to provide immediate coverage. The purpose of the binder is to provide temporary coverage until the policy arrives.

blanket insurance A type of property insurance that covers, through a single contract, more than one type of property in one location or one or more types of property at more than one location.

bodily injury Refers to physical injury, sickness, or disease, or death, subject to any definitions or limitations in the policy.

bodily injury liability The legal obligation that stems from the injury or death of another person.

bond See fidelity bond and surety bond.

bordereau Memorandum containing detailed information regarding the passing of reinsurance from one insurance company to another under a reinsurance agreement.

broker A person who acts as the representative of the applicant for insurance. Although brokers are compensated with a commission from the insurance company (just like agents), they do not represent the insurer. Their sole duty is to get the best possible coverage for their clients at the lowest possible cost.

business insurance; partnership insurance; corporation insurance Insurance concerned primarily with the coverage of an insured's business or vocation. Business insurance protects a business against the loss of its "valuable lives" or key people, stabilizes the business through the establishment of better credit relations, and can provide a practical plan for the retirement of business interests in the event of the death of one of the owners.

business interruption insurance Protects against the loss of prospective earnings because of the interruption or suspension of business caused by an insured peril.

buy-back deductible A deductible that may be eliminated for an additional premium, thereby providing first dollar coverage.