Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 24 of 27 matching terms
Terms beginning with B
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Bad faith
Claims - An allegation that an insurer handled a claim or policy obligation unreasonably or dishonestly under applicable law.
- Also called: insurance bad faith
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Bailee coverage
Business insurance - Coverage for customers’ property while it is in a business’s care, custody, or control for service, repair, or storage.
- Also called: bailee customers insurance
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Bailment
Claims - Temporary possession of another person’s property for a stated purpose without transferring ownership.
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Balance billing
Health insurance - Billing a patient for the difference between a provider’s charge and the amount a health plan recognizes or pays.
- Also called: balance bill
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Balance bill protection
Health insurance - Legal or plan protections limiting when a patient can be billed above in-network cost sharing for certain services.
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Behavioral health benefits
Health insurance - Plan coverage for mental health and substance use disorder care.
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Beneficiary
Life insurance - A person or entity named to receive life insurance proceeds when the insured person dies.
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Benefit period
Health insurance - The period a health plan uses to measure covered services, cost sharing, or benefit limits.
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Betterment
Claims - A claim adjustment for the increase in value created when a worn or older item is replaced with a new one.
- Also called: betterment deduction
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Binder
General insurance - Temporary evidence of insurance that may provide coverage while the formal policy is being prepared.
- Also called: insurance binder
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Blanket additional insured endorsement
Business insurance - An endorsement that may automatically extend additional insured status to qualifying parties when a contract requires it.
- Also called: blanket AI endorsement
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Blanket coverage
Business insurance - A single coverage limit that applies across multiple properties, locations, or categories instead of separate limits for each.
- Also called: blanket limit
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Bodily injury liability
Auto insurance - Auto liability coverage that may pay for injuries to other people when the insured driver is legally responsible.
- Also called: BI liability
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Bordereau
General insurance - A detailed schedule of risks, premiums, or claims provided under a delegated authority or reinsurance arrangement.
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Brand-name drug
Health insurance - A prescription drug sold under a trademarked name by its manufacturer.
- Also called: brand drug
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Broker
General insurance - A licensed professional who helps consumers shop for insurance and generally represents the buyer rather than one insurer.
- Also called: insurance broker
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Broker of record letter
General insurance - A policyholder authorization directing an insurer to recognize a named broker as its representative for a policy.
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Building ordinance coverage
Home insurance - Coverage that may help pay added rebuilding costs required by current building codes after a covered property loss.
- Also called: code upgrade coverage
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Business auto physical damage
Business insurance - Commercial auto coverage for direct loss to owned vehicles from collision, comprehensive causes, or other covered perils.
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Business continuity plan
Business insurance - A documented plan for maintaining or restoring critical operations after a disruption or disaster.
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Business income insurance
Business insurance - Coverage that may help replace lost business income after a covered disruption.
- Also called: business interruption insurance
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Business income waiting period
Business insurance - The period after direct physical loss before business income coverage begins to pay, if the policy includes one.
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Businessowners eligibility
Business insurance - The underwriting requirements a business must meet to qualify for a businessowners policy.