Glossary beginning with B | IFFCO Tokio General Insurance Company in India

Glossary beginning with B

Baileesearch for term

One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of others that is in their custody.

Basic Limitsearch for term

Usually refers to Liability of insurer indicating the lowest amount for which a policy can be written. This amount is either prescribed by law or company policy.

Basic Ratesearch for term

The standard charge for a given type of risk for basic limit.

Beneficiarysearch for term

An individual designated in a will to receive an inheritance, or the individual designated to receive the proceeds of an insurance policy, retirement account, trust, or other asset.

Bill of Exchangesearch for term

It is the bill drawn by exporter against the importer.

Bill of Ladingsearch for term

Receipt for goods shipped on board a ship signed by the person who contracts to carry them, and stating the terms on which the goods are carried.

Blanket Contractsearch for term

A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.

Bodily Injurysearch for term

Physical injury, including sickness, disease, mental injury, shock or death.

Bonussearch for term

The Bonus system awards discounts for claim-free driving for a certain continuous period. This goes on increasing upto a certain limit for continuous claim free years.

Borderline Risksearch for term

An insurance prospect of doubtful quality from an underwriting point of view to put it in one among two group of risks.

Breach of conditionsearch for term

When a condition of the insurance contract is broken by the assured, the insurer may avoid the contract from the inception.

Brokersearch for term

Middleman who represents an insured in the solicitation, negotiation or procurement of contracts of insurance, and who may render services incidental to those functions. He also represents insurer for certain purposes such as delivery of the policy or collection of the premium.

Burglarysearch for term

It is a theft committed by breaking into or out of the premises. Evidence of breaking in, is necessary.

Burning Ratiosearch for term

The ratio of losses suffered to the amount of insurance in effect.

Business Interruption Insurancesearch for term

Insurance for a business owner against losses resulting from spage of business because of fire or other insured peril. The insurance provides reimbursement for lost net profits and necessary standing expenses.

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