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Glossary (A)

A B C D E F G H I J K L M N O P R S T U W

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.

BAILEE - A person or concern having possession of property committed in trust from the owner.

BENEFICIARY - This is a person who may become eligible to receive, or is receiving, benefits under the plan, other than as a participant.

B.I. - 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 himself.

BINDER - 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. Without pretense.

BOND - - 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.

BROKER - 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 construction.

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, and others.

BURGLARY - 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.

Adjusters Insurance School
605 East McKellips Road
Mesa, Arizona, USA, 85203
Phone: 480-205-3414
Fax: 800-869-1929

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