Insurance Glossary B
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- BEACH AND WINDSTORM PLANS
State-sponsored insurance pools that sell property coverage for the peril of windstorm to people unable to buy it in the voluntary market because of their high exposure to risk. Most insurance companies will write the main perils through their insurance company, but exclude the windstorm insurance. The windstorm insurance is then written through one of these plans. - BENEFICIARY
The person or legal entity the owner of an insurance policy names to receive the policy benefit if the event insured against occurs. The various types of beneficiaries are: - Primary- Those first entitled to proceeds.
- Secondary- Those entitled to proceeds if no primary beneficiary is living when the event insured against occurs.
- Tertiary- Those entitled to proceeds if no primary or secondary beneficiaries are alive when the insured dies.
- BINDER
Temporary authorization of coverage that has been written or orally acknowledged prior to the actual issuance of the insurance policy. - BLANKET INSURANCE
Property or liability coverage for more than one location, class of property or employee. - BODILY INJURY LIABILITY COVERAGE (BI)
This liability coverage protects the insured from financial loss in the event he/she is legally liable to pay damages because of bodily injury, sickness or disease to another person, including required care, loss of services and resulting death. - BURGLARY AND THEFT INSURANCE
Covers the loss of property due to burglary, robbery or larceny.