BAD FAITH -
Bad Faith is a term used by those who feel they have been wronged by an insurer. Insurers may be accused of bad faith when failing to promptly and thoroughly investigate a claim, unreasonably delaying or denying payment or benefits of a claim, using unreasonable interpretations in translating policy language, in refusing to settle the claim or not making payment for the full value of a loss.
A person or concern having possession of property committed in trust
from the owner.
This is a person who may become eligible to receive, or is receiving,
benefits under the plan, other than as a participant.
B.I. insurance or claims refer to bodily injury claims and always in
reference to parties injured by the insured and not to the insured
This is a term describing the case where an individual has purchased
a policy of insurance or has paid a premium and requested that such a
policy be issued. A certificate is issued by the selling
agent, guaranteeing insurance coverage until such time as the insurance
company decides whether to accept or reject the application for
insurance. In general, cases arising under an insurance binder must be
handled cautiously with the full approval of the insurance company.
BLANKET INSURANCE -
(1) Property-liability insurance that covers more than one type of
property in one location in one policy or form instead of under
separate items, or one or more types of property at more than one
location. (2) A contract of health insurance that covers all
of a class of persons not individually identified.
BOILER AND MACHINERY POLICY -
Insurance against loss due to accidents to boilers, pressure vessels or
other machinery including the equipment itself as well as liability
arising out of the accident.
BONA FIDE -
To act in good faith, honestly, without fraud or collusion.
- An obligation of the insurance company to protect one against
financial loss caused by the acts of another.
BROAD FORM PERSONAL THEFT -
A comprehensive form of personal theft insurance providing coverage for
loss caused by burglars as well as servants or even occasional
employees, providing some form of fidelity coverage.
One who represents an insured in the solicitation, negotiation or
procurement of contracts of insurance, and who may render services
incidental to those functions. By law the broker may also be an agent
of the insurer for certain purposes such as delivery of the policy or
collection of the premium.
BUILDER'S RISK COVERAGE FORM -
A commercial property coverage form specifically designed for buildings
in the course of construction.
BUILDER'S RISK INSURANCE -
Insurance against loss to buildings or structures in the course of
BUILDING AND PERSONAL PROPERTY COVERAGE FORM -
A commercial property coverage form designed to insure most types of
commercial property (buildings, or contents, or both). It is the most
frequently used commercial property form, and has replaced the General
Property Form, Special Building Form, Special Personal Property Form,
Breaking and entering into premises of another, with felonious intent
and with visible signs of the forced entry.
BUSINESS INCOME COVERAGE FORM -
A commercial property form providing coverage for "indirect losses"
resulting from property damage, such as loss of business income and
extra expenses incurred. It has replaced earlier Business Interruption
and Extra Expense forms.
BUSINESS INTERRUPTION INSURANCE -
A type of policy that pays for loss of earnings when operations are
curtailed or suspended because of property loss.
BUSINESS PERSONAL PROPERTY -
Traditionally known as "contents," this term actually refers to
furniture, fixtures, equipment, machinery, merchandise, materials, and
all other personal property owned by the insured and used in
the insured's business.