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Home Improvement Directory |
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Insurance Glossary
Plain English explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.
Select a Letter to View Terms - B - Beneficiary the person, persons or entity designated to receive the death benefits from a life insurance policy when you die. Benefit Maximum the time period for which payments for benefits of an insurance policy are available. Benefit period the time period for which payments for benefits of an insurance policy are available. Binder a temporary insurance contract that provides proof of coverage until you receive a permanent policy from the company. A binder is subject to the payment of a premium. Bodily injury liability insurance that pays for another person’s bodily injury or death in an automobile accident caused by you. It compensates those people for pain, suffering, and other personal hardships, and will also pay for some economic damages (i.e., lost wages). Broker an insurance salesperson who deals with agents and companies to find insurance for consumers. Burial policy a policy to cover funeral and burial costs. |
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