Benefits
The sum of money provided in an insurance policy to be paid for certain types of loss under the terms of an insurance policy.
Binder
A temporary insurance contract pending the execution of the policy contract. It should contain a definite time limit, should be in writing, and clearly designate the company in which the risk is bound, the amount and the perils insured against, as well as the type of insurance.
Blanket coverage
Coverage under a single limit for two or more items, (e.g. building and/or contents) two or more locations, or a combination of items and/or locations.
Bodily injury liability
Insurance protection against loss arising out of the liability imposed upon the insured by law for damages because of bodily injury, sickness or disease sustained by any person or persons other than employees.
Broker
An insurance broker ordinarily is a solicitor of insurance who does not represent insurance companies in a capacity as agent but places orders for coverage with companies designated by the insured or with companies of his own choosing. The term “broker” frequently is used incorrectly to designate an agent of more than one insurance company.