[B097]
Backdating
Many life insurers permit a life insurance applicant to backdate their age for up to six months, in order to base the premiums on the earlier age. Of course, the coverage and the premiums are effective as of the earlier backdate. This can provide an insured with a significant long-term premium savings.
[B098]
Backloading
Refers to a pension plan that accrues greater benefits to a plan participant in the later years of service (employment) in order to encourage employee retention.
[B111]
Bad Faith
An allegation that an insurer has failed to settle a claim within its policy limits when the opportunity existed or has dealt with another party without regard to fairness or reasonableness. Also refers to a complaint (to insurance authorities) or a suit based on an insurer's improper actions.
[B112]
Bad Faith Doctrine
Refers to any codification of actions that demonstrate an insurer's unwillingness to fairly handle a claim, thereby justifying legal action.
[B001]
Baggage Coverage
Insurance protection for the contents of luggage or the personal effects of and for the personal use, adornment, or amusement of the insured, or a family member of the insured, while traveling. Coverage is normally worldwide and is written on an "all-risk" basis.
[B002]
Bail Bond
A bond intended to guarantee the appearance of a person in court to answer a legal summons for personal appearance. In the event the person out on bail fails to appear, the bondsperson or bonding company is required to pay the amount of the bond to the court.
[B108]
Bailee
A person (or entity) who has temporary possession (custody) of property belonging to others, usually in order to perform a service to the property such as cleaning, restoring, repairing or storing.
[B004]
Bailee Customers Insurance
Insurance arranged by a bailee for the account of bailors or customers. An example is the insuring of furs in a storage warehouse arranged by the warehouse bailee for the benefit of the owners of the furs.
[B005]
Bailees liability coverage
Normally, this is an inland marine insurance, despite the title. This type of coverage is designed for a bailee to provide coverage for liability for the property of customers, in that bailee's care, custody or control. Although this coverage was designed to cover the bailee's liability exposure, it can often be endorsed or have options exist to provide a no-fault coverage to protect the customer's property against any damage, whether or not there is negligence and subsequent liability.
[B006]
Bailment
Personal property delivered by its owner to another to be held and returned to the owner in good condition. The owner who delivers the property is called the bailor, the one who receives it is the bailee.
[B007]
Bailor
A person entrusting goods to another.
[B008]
Balance
1) The excess on either side of a bookkeeping account.
2) The net amount due a company by an agent.
[B009]
Balance Sheet
A statement of the assets, liabilities and owners' equity (surplus) of an enterprise. Assets minus liabilities equals owners' equity.
[B010]
Balance sheet reserve
Claim reserves set up to provide the funds needed to pay benefits to insureds. These reserves are regulated by law, to guarantee that an insurer is capable of paying the claims, losses and benefits promised its customers. The amount of the reserve as compared to the premium written is monitored and controlled.
[B121]
Balanced Billing
Refers to a physician or health care service provider that bills a patient directly for services that are not reimbursed by Medicare. The practice is prohibited by several states.
[B011]
Bank burglary and robbery insurance
A package policy that provides banks with burglary, robbery, vandalism and malicious mischief protection. Typically, it is written on a primary basis for small banks and on an excess basis for larger banks.
[B012]
Bankers blanket bond
A special form of bond designed to insure banks against loss from employee dishonesty, burglary, robbery, larceny, theft, forgery, misplacement and certain other perils.
[B113]
Banking plan
A reinsurance industry arrangement in which a ceding company pays its premiums in installments over the period of the reinsurance contract. Ideally the payments should, ultimately, match the amount the reinsurer pays to cover losses. The plan is adjusted at the contract's end if payments do not balance.
[B123]
Bare
(See going bare.)
Bareboat basis
Operating (including hiring/chartering) a vessel without a captain, crew or normal provisions.
[B013]
Barratry
Willful and illegal sinking, casting away, or damaging of a ship at sea or its cargo.
[B114]
Base premium
The written or earned premium that a reinsurer uses to develop its reinsurance premium.
[B015]
Base rate
The manual or starting rate for a specific coverage, based on a normal or average for class risk. Deviations are made from the base rate for risk-specific characteristics, hazards, exposures, protection or lack of, and individual loss experience. After all credits and debits have been computed, a final rate is determined, which is used to calculate the coverage premium.
[B014]
Baseline data
The benchmark data and statistics used by the insurance industry as a starting point to contrast and compare actual loss experience and to make loss projections.
[B016]
Basic cause of loss
Property insurance covering only those causes of loss (perils) specified as covered. The types of losses insured are fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
[B099]
Basic death benefit
The limit of life insurance provided by a policy, not including coverage from additional death and dismemberment, decreasing term or other insurance riders.
[B109]
Basic extended reporting period
In "claims-made" liability policies, only those claims that occur after the retroactive date and are reported or filed against the insured during the policy period, are covered by the policy. The ERP, or tail, is an endorsement available to extend the reporting period for the filing of a claim to give additional time in order to be considered covered.
[B017]
Basic limits
Certain minimum amounts of liability in liability insurance (determined by custom or laws), for which "basic" premiums apply. Additional amounts of liability insurance are charged for by the addition of certain percentages of the premium charged for the minimum limits.
[B018]
Basic rate
A fundamental rate usually applied to an entire class of policies or to similar properties in a given territory, such as one state.
[B019]
Beach plans
FAIR plans to make property insurance available for Atlantic and Gulf coast states with coverage for hurricanes and catastrophic winds. Some of the states include Alabama, Florida, Louisiana, Mississippi, North and South Carolina, and Texas.
(See beachfront plans.)
[B020]
Beachfront plans
Assigned risk property plans to provide coverage for damage to coastal properties caused by hurricanes and heavy winds.
(See beach plans and hurricane insurance.)
[B021]
Bench error
A products liability term used to designate those losses resulting from faulty manufacture of products caused by error or negligence during the production stage, such as the insertion by an employee of the wrong size part.
[B022]
Beneficial interest
This term applies to a party who does not necessarily own an insurance policy but who has a financial interest in the property covered by an insurance contract.
[B023]
Beneficiary
The person or entity named in a life insurance policy to receive the proceeds.
[B024]
Benefit formula
The formula used to calculate and determine the benefits payable to an insured or beneficiary covered by a pension plan.
[B100]
Benefit schedule
A document included in group health policies that lists what the policy covers and the insurance limits per accident or illness, lifetime maximums, surgical schedules, daily limits for hospital stays, etc.
[B025]
Benefits
In life, health and accident insurance, the money payable or services rendered under the policy.
Bespoke liability
A United Kingdom term for a type of third-party liability coverage that is tailored (customized) for a given insured.
[B115]
Best practices
Written methods of operating within an industry such as insurance, which results in the highest level of performance.
[B116]
Best's rating
Refers to a rating or grade that an insurance company's financial strength is assigned by the A.M. Best Company, a veteran rating and financial information supplier headquartered in Oldwick, New Jersey.
[B026]
Betterments
Significant additions made to real estate enhancing its value and amounting to more than mere repairs or replacement. Often, these betterments are to customize a property to the specific type risk now occupying the property, such as fire protection or hood and vent work in a restaurant. When made by a tenant, these additions are usually included in the tenant's own property insurance.
(See improvements and betterments.)
[B027]
Bicycle floater
An "all-risk" inland marine coverage form written to cover high-value bicycles. One method of providing this coverage is through the bicycle dealers who issue certificates on a master policy issued through the dealer. Others obtain personal floaters on their personal insurance policies.
[B028]
Bid bond
A bond intended to guarantee that the bidder on a construction, supply or service contract will enter into the contract if successful as a bidder. Should the bidder fail to enter the contract, the surety on the bid bond may be called upon to pay the difference between the amount of the principal's bid and the bid of the next lowest qualified bidder.
[B029]
Bill of lading
A document issued by the transportation carrier as receipt for the goods being shipped, which describes the voyage, vessel, date of sailing, and goods. It also states the carrier's liability, limitations and exemptions. Some bills of lading may be used as negotiable instruments. There are three types of bills of lading: under deck, on deck, and on board.
(See Carriage of Goods by Sea Act (COGSA), endorsement in blank, and Harter Act.)
[B030]
Binder
An oral or written agreement to provide insurance which serves as evidence of coverage prior to the issuance of a policy. It is often considered to be a temporary insurance policy to provide coverage until a permanent policy has been issued.
(See cover note.)
[B031]
Binding authority
When one party (usually an agent) has been given the right and commensurate authority to represent another party (usually an insurer) in effecting or creating an insurance contract.
[B032]
Binding receipt
Once the initial payment has been made and while the pending life and health application for insurance is being investigated and either issued or rejected, a binding receipt is issued to verify receipt of payment and offer temporary coverage until final decision is made.
[B101]
Birthday rule
When both parents work and have insurance plans that provide dependent coverage, which plan will provide coverage for the children? Under this coordination of benefits provision the birthday rule will provide coverage for dependents from the policy on the parent who has the earliest birthday in the year. For example, if the mother’s birthday is May and the father’s is December, the mother's policy provides for the children.
[B033]
Blanket contract
1) In property insurance, contracts or policies providing coverage for either more than one location, coverage or type of property.
2) In the case of health insurance, a policy or contract covering an entire specified group of people (such as employees) against a listed set of hazards or perils (for example, for medical or dental protection).
[B034]
Blanket coverage
1) In property insurance, a single limit of insurance that covers a number of items, such as one amount of insurance to cover two buildings or a single building and its contents. A blanket policy usually contains certain restrictions, which may be absent in "specific" or "itemized" policies, such as the use of a 90% coinsurance clause.
2) In the case of health insurance, a policy or contract covering an entire specified group of people (such as employees) against a listed set of hazards or perils (for example, for medical or dental protection).
[B035]
Blanket crime policy
An obsolete coverage that insured against employee dishonesty, losses inside and outside the premises, losses from money orders and counterfeit currency, and depositor's forgery. The policy protected money, securities and other property with a single limit of insurance applying to all coverages.
[B036]
Blanket group
A boiler and machinery term used to designate the objects that are covered by categorizing the types of machinery into fairly broad classes. The items covered by boiler and machinery insurance are referred to as objects. When blanket groupings of boiler and machinery objects are used, each individual piece of machinery does not have to be scheduled.
[B037]
Blanket group policy
Policies issued to provide coverage for an entire group or category of persons with a common point of interest or relationship, for example, all U.S. veterans, or all the credit card holders of a specific bank, or employees of an employer. The coverage is made available to the entire group without underwriting the acceptability of individual members.
[B038]
Blanket insurance
1) A single amount of insurance covering several items, e.g., one amount of insurance to cover two buildings, or one building and its contents. Such policies usually require the fulfillment of certain restrictions which may not be required in "specific" or "itemized" policies, such as the use of a 90% coinsurance clause.
2) In the case of health insurance, a policy or contract covering an entire specified group of people (such as employees) against a listed set of hazards or perils (for example, for medical or dental protection).
[B039]
Blanket medical expense
An insurance coverage for individuals providing protection for any and all medical expenses, up to the specified maximum, with no caps or sublimits for individual or specified procedures, services, drugs and equipment.
[B040]
Blanket position bond
A fidelity bond which insures an employer against loss from dishonest acts by employees. As the name implies, blanket coverage is granted for all employees in the regular service of the employer during the term of the bond. The bond is issued for a fixed sum and each employee is covered up to the full amount of the bond. The maximum amount payable for any one embezzlement involving more than one employee would thus be the amount of the bond multiplied by the number of employees involved.
(See commercial blanket bond.)
[B117]
Blanket position public official bond
A fidelity bond that insures a public organization from the dishonest acts of any listed public employee.
[B041]
Blanket rate
A fire insurance rate which applies to blanket insurance.
[B042]
Blanket retrocession
Retrocession protecting a portfolio of reinsurance, as opposed to specific retrocession, which deals with a particular reinsurance.
(See retrocession.)
[B102]
Blended rates
Blended rate health plans use a base or manual rate that is modified by the experience of the group. This can help mid-sized groups even out premiums when faced with shock losses and add a premium cushion for the company when experience is good.
[B043]
Block cancellation
When an insurer makes the decision to cancel an entire line of business, class of business, coverage within a territory, coverage within an agency, or book of business without consideration for the retention of the individual policies.
[B044]
Block limit
A maximum amount of insurance an insurer is willing to write within any one city block or one block of an urban area. An uncommon practice today.
[B045]
Block policy
Inland marine coverages offering protection for all of the described type property of an insured on an "all-risk" basis, from the time the insured obtains possession, through loading, transport, unloading, storage, display, or sales, including any repair or processing necessary at off-premises locations. Two of the most common block policies are the jewelers block or the furriers block coverages.
[B046]
Blood bank professional liability insurance
Coverage designed for owners and operators of blood banks against negligence, errors or omissions arising out of alleged malpractice, rendering or failing to render professional services, or mistakes in taking, handling, processing, storing or distributing blood products.
Bloodstock Insurance
Coverage for horses raised and used in racing and as breeding stock (typically pedigree).
[B048]
Blue Cross Plan
A nonprofit, tax-exempt health service prepayment organization providing coverage for health care and related services. Unlike most private insurance companies, the plans usually provide service rather than indemnity benefits, often paying hospitals on the basis of reasonable costs (by pre-arranged agreement) rather than charges. The 70 individual plans in the U.S. should be distinguished from their national association, the Blue Cross Association.
Bluewater
Boating insurance term referring to ocean waters.
[B103]
Blue Shield plan
A Blue Shield plan pays for physician and other medical expenses while a Blue Cross plan pays for hospital expenses.
(See also Blue Cross plan.)
[B049]
Board of education liability insurance
Liability protection for elected or appointed members of school boards, including administrators, teachers and other employees. Coverage is for alleged damages to third parties resulting from the negligence, wrongful acts, errors and omissions occurring during the performance of duties with respect to schools boards or boards of education.
[B050]
Bobtail coverage
Auto liability coverage that protects against losses involving trucks while being operated without a trailer (typically occurs after a trailer has been delivered or for cabs traveling to pick up a trailer, prior to its delivery).
[B051]
Bodily injury (BI)
Injury, sickness or disease sustained by a person, including death at any time resulting therefrom.
[B052]
Bodily injury liability insurance
A form of "third-party" protection covering the insured's legal liability for bodily injury to others caused by the insured's negligence.
(See liability insurance.)
[B053]
Boiler and machinery insurance
Protection against loss from disruption of boilers and machinery by an insured peril: loss to the boiler and machinery itself, damage to other property, business interruption losses, or all three. Also known as machinery breakdown insurance.
[B118]
Boilerplate language or policy
An older term that refers to any policy or form that consists entirely of standard provisions, absent any special or custom features.
[B054]
Bond
There is more than one type of bond. Insurance bonds are normally three-party contracts in which one party agrees to guarantee the act, performance or behavior of a second party to a third party. Two common types of bonds are fidelity and surety.
(See bond--fidelity and bond--surety.)
[B055]
Bond--fidelity
An insurance policy that reimburses an employer for employee theft or embezzlement.
(See bond.)
[B056]
Bond--surety
A written agreement wherein one party, called the surety, obligates itself to a second party, called the obligee or beneficiary, to answer for the default of a third party, called the principal.
(See bond.)
Book debts insurance
(See accounts receivable insurance.)
[B057]
Book of business
1) A defined body of insurance policies in force.
(See portfolio.)
2) All of the policies or insurance accounts written by a company or agent. Example: an insurer's book of commercial business, or an agent's overall book of business, or an agent's book of business by insurer.
[B058]
Book value
The dollar amount of assets (bonds, stocks, real estate, etc.) shown in a company's books.
[B059]
BOP--businessowners policy
Similar to the commercial package policy (CPP), it provides broad property and liability protection in a single contract and is designed for small and medium-sized mercantile, service, office or apartment risks.
[B060]
Bordereau
A report by an insurance company to its reinsurer listing and summarizing certain insurance transactions affecting the reinsurance.
[B061]
Borderline risk
An average risk in terms of loss potential, neither unusually good or bad, but considered barely acceptable by an underwriter for insurance.
[B062]
Bottomry
In the early days of marine insurance, a ship owner would borrow money by mortgaging the ship; the mortgage would provide that if the ship were lost, the borrower would not have to repay the loan. This was bottomry, which thus combined money lending with insurance. When cargo instead of hull was involved, it was called respondentia.
(See respondentia.)
[B063]
Bourse
A place where goods or services are exchanged.
(See insurance exchanges.)
[B063a]
Boycott
As it relates to insurance, boycott falls into the category of unfair trade practices. It is when one party refuses to do business with a second party until that second party either complies with certain conditions or makes concessions.
[B064]
Branch office
A territorial office, reporting to the home or head office, supervising business in its operational area and providing agency service by a staff of special agents, underwriters, claims personnel, auditors, and engineers.
Branch manager
Supervisory level professional charged with managing an insurance carrier or agency’s branch (subsidiary) office.
[B122]
Brands and labels clause
This is a coverage provision that pays for the cost of re-labeling products or goods prior to sale (usually at a substantially reduced price). The need to re-label has to be a result of a covered occurrence.
[B065]
Breach of warranty
Warranties are statements of commitments by the insured on the literal truth of which the insurance contract depends. Warranties may relate to matters existing at or before the time the policy is issued or may be undertakings by the insured that something be done or omitted after the policy takes effect and during its continuance. Breach of warranty exists when a warranty is broken or violated by an insured.
[B104]
Break in service
A break in service in employee benefits plans (principally pension plans) is any time that the employee leaves the service of the company. After a break in service the employee is entitled to all vested benefits. Federal law provides rules for pension plan participants who return from a break in service relative to how much of their previously accumulated time in service can be carried over.
[B066]
Breeders policy
Inland marine insurance to cover the high value livestock of breeders against the causes of loss as indicated.
[B067]
Brick building
A type of construction in which the outer walls are at least the thickness of two bricks in width.
(See brick veneer and frame building.)
[B068]
Brick veneer
A building where the outer walls are made of wood faced with a single course of brick. In other words, it is a frame building with a brick outside covering, as distinguished from a brick building in which the supporting walls are brick.
(See brick building and frame building.)
[B069]
Bridge policy
Special inland marine forms which insure bridges against many hazards.
[B070]
Broad cause of loss
Property coverage providing protection for loss from a specified group of causes including all of those provided in the basic cause of loss form (fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action) plus additions which include breakage of glass, falling objects, weight of ice, sleet, or snow, water damage, and collapse as defined in the cause of loss form.
[B071]
Broad form personal theft policy
Theft coverage for personal property at private homes or residences. Coverage is offered for all types of theft and on any personal property unless otherwise excluded or limited. Usually written in conjunction with a homeowners policy.
[B072]
Broad form property damage endorsement
An endorsement to a commercial general liability policy which amends or modifies the care, custody, or control exclusion that normally eliminates this coverage. A standard endorsement is not currently available to delete the exclusion; thus each insurer endorsing this exclusion must develop its own company-specific version. Endorsements vary greatly as to the extent of coverage.
(See care, custody or control.)
[B073]
Broad form storekeepers policy
A package (now obsolete) designed to provide broad crime insurance for small retail stores. It insures principally against loss of money and securities, merchandise burglary losses, and losses from employee dishonesty and forgery. Combinations of the current crime coverage forms are now used to offer the equivalent protection.
[B074]
Broadcasters liability insurance
Professional liability coverage for operations that distribute news, educational, entertainment or commercial information via the airwaves. Protection is usually against harm caused by distributing incorrect information (libel and slander) and allegations of copyright infringement, invasion of privacy rights, or illegal use of intellectual property. The coverage typically includes a separate provision for handling legal defense costs.
[B075]
Broker
A licensed, legal representative of the insured who negotiates with underwriters on behalf of the insured; nevertheless, the broker receives a commission from the insurer (underwriter).
(See agent and insurance agent.)
[B076]
Broker-agent
Large agents at times operate both as brokers representing the policyholder and as agents representing the company. Or they may have an office in one city which operates strictly on a brokerage basis and one in another city in which they are agents.
[B105]
Broker-dealer
A stock broker or similar equities business that employs or appoints sales persons who are licensed to sell equities based on life and other insurance products. Not all equities-licensed agents are also licensed to sell stocks. Broker-dealers also employ stock brokers who sell equities and may not be licensed to sell any form of insurance. Broker-dealers are financial intermediaries.
[B077]
Broker of record
A licensed broker who has been designated by the policyholder to represent that policyholder.
[B119]
Brokerage commission
The fees paid to a broker for getting reinsurance coverage placed and for related services.
[B120]
Brokerage market
The insurance marketplace in which reinsurance coverage is handled through the use of reinsurance brokers.
[B110]
Brownfields
Commercial and industrial facilities that are not used, abandoned or which are not fully utilized and a party is interested in expanding or reviving their use. However, such sites have to be evaluated for possible environmental contamination and, if contaminated, cleaned up before they can be put back into productive use.
Brownwater
Boating insurance term referring to inland lakes and rivers.
[B078]
Bucking arrears
A form of embezzlement unique to the insurance industry where an agent will falsify records by manipulating the application of premiums paid for advance payments from one policy to the delinquent payments of another on a floating basis to cover the embezzlement of funds.
[B079]
Buffer layer
An amount of insurance purchased to satisfy the requirement of an excess carrier with respect to underlying insurance. Also known as gap coverage.
[B080]
Builders risk
1) A building or a ship in the course of construction.
2) A special form dealing with the unique loss exposure of property under construction.
[B081]
Building code
A set of laws which prescribe the standards by which buildings must be constructed in a city which has adopted the code.
[B082]
Building rate
The fire insurance rate on a building as distinguished from the rate for insurance on its contents.
[B083]
Bullion
Gold or silver insured for its value as metal and not for its value as coin.
[B084]
Bumbershoot
An umbrella or excess liability policy specifically for ocean marine risks.
[B084a]
Bureau
Usually bureaus are associations or organizations where members combine data, information and resources to accomplish a specific insurance function as in the case of a rating bureau.
(See rating bureau or advisory organization.)
[B085]
Burglar alarms
Devices of various types which give warning of entry into premises by unauthorized persons. Burglary insurance premium discounts are allowed for burglar alarm systems approved by the Underwriters Laboratories.
[B086]
Burglary
Theft by forcible and illegal entry, evidenced by visible signs made by tools, explosives, electricity or chemicals.
[B087]
Burglary and theft insurance
Insurance against loss of property (from the various types of theft or damage) caused by burglary or theft.
[B088]
Burning cost
The ratio of actual (or "as if") reinsured losses to a ceding company's subject matter premium (either written or earned premium) for the same period. Used to analyze past experience and to predict future experience of a per-risk excess cover.
[B089]
Burning layer
The bottom or first layer of coverage in property or casualty insurance which will experience the primary losses.
[B090]
Burning ratio
The ratio of actual losses experienced to the amount of insurance in effect. This is not a "loss ratio," which is the ratio of losses to premium.
[B106]
Business
(See class of business.)
[B091]
Business auto policy
Coverage designed to provide a "standard" form for insuring commercial vehicles (other than private passenger cars).
[B105a]
Business continuation insurance
Should one partner/corporate officer, etc., die or become disabled, business continuation insurance provides cash to the surviving partners/stockholders to continue the business and/or purchase the stock or interest of the deceased partner.
[B092]
Business income insurance
A time element coverage which pays for loss of earnings or income when business operations are interrupted, curtailed or suspended due to property loss as a result of an insured cause of loss. Also covered are loss of rents and rental value. Extra expenses incurred to continue operations at another location are included as long as they reduce the total amount of loss.
(See gross earnings form, use and occupancy, and business interruption insurance.)
[B093]
Business interruption insurance
A time element coverage which pays for loss of earnings when business operations are curtailed or suspended due to property loss as a result of an insured cause of loss. This coverage is now obsolete and has been replaced by a more comprehensive and generic business income insurance.
(See time element insurance and business income insurance.)
Bloodstock insurance
Livestock mortality coverage for high-value racing horses and prize show horses (both stallions and brood mares).
[B124]
Business personal property
Refers to portable property that is owned by an insured business entity, including goods for sale, fixtures, equipment, machines, materials (raw through finished), and similar property. Such property must be used by the business operation.
[B_E102]
Business risk management
A newer, broader application of the risk management concept. It refers to an aggressive approach to handling an organization’s multitude of exposure to loss of tangible and intangible property, including income. It may use a variety of tools to avoid loss, such as safety procedures, insurance, shifting of risk via contracts, arranging for alternate supply channels, etc. The concept focuses on growing concerns that face new, often unanticipated, risks.
[B094]
Businessowners policy--BOP
Similar to the commercial package policy (CPP), it provides broad property and liability protection in a single contract and is designed for small and medium-sized mercantile, service, office or apartment risks.
[B095]
"Buy-back" deductible
A deductible which may be removed by payment of additional premium when full coverage is required.
[B107]
Buyers guide
Many states require that an agent (or company) provide a prospective life insured with a buyers guide to life insurance at or about the time the sale is made. The buyers guide explains how the different life insurance policies work and what the policyowner's rights are.
[B096]
By Order of Civil Authority
A directive from city officials or other civil authority confirming that a building may be destroyed by the fire department in order to prevent the spread of conflagration.
(See civil authority clause.)
