Archive

22 May Broker

A representative of the insured in placing insurance with companies. A broker is paid a commission by the company or its agent. Often, a broker is also a licensed "agent" for one or more companies....

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22 May Broad Form

A policy affording more liberal benefits, or in fire insurance, an endorsement that grants broader or additional coverage to a basic policy. A broad form is usually added standard fire and extended coverage policies. For example, on a dwelling policy, broad form usually adds the...

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22 May Bodily Injury Benefit Coverage

This automobile coverage is designed to protect the insured and any passengers in this car against loss by reason of bodily injury or death caused by the owner or operator of an uninsured automobile (or a "hit-and-run"). Also called uninsured motorist coverage....

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22 May Binder

A written or oral contract issued to temporarily put insurance in force when it’s not possible to issue a new policy or immediately endorse the existing policy immediately. A binder is subject to the premium and all the policy terms to be issued....

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22 May Assurance-Insurance

In current industry practice, these terms are generally accepted as synonymous. This was not originally the case. The term "assurance" is used more commonly in Canada and Great Britain than in the United States....

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22 May Assignment

The partial or complete transfer by a person of his right or interest in a policy to another person. The ability of a person to assign a policy may be limited by law or individual circumstances. An assignment must be written and signed by the...

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