broker: A sales and service representative who handles insurance for clients, generally selling insurance of various kinds and for several companies. Brokers resemble agents, except for the fact that, in a legal sense, brokers represent the party seeking insurance rather than the insurance company. See Agent, Producer.
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bond portfolio average maturity: A weighted average of the maturity distribution of long-term bonds owned at fiscal year-end.
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bond insurance: Insurance issued by a private insurance company for either an entire issue or specific maturities that guarantees to pay principal and interest when due. This will provide a credit rating of triple-A and thus a lower borrowing cost for the issuer.
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blanket medical expense: A provision that entitles the insured person to collect up to a maximum for all hospital and medical expenses, without limitations on specific types of medical expenses.
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blanket contract: Contract for health insurance that coves a class of persons. It is used for groups such as athletic teams and for employee travel.
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binding receipt: A receipt given for the payment which accompanies an application for insurance. If the policy is approved, the payment “binds” the company to make the policy effective from date of receipt.
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benefit: Amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured suffers a loss.
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beneficiary: The person or financial instrument (for example, a trust fund), named in the policy as the recipient of insurance money in the event of the policyholder’s death.
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bad faith: Accusations by policyholders that insurers took steps to deliberately delay, underpay, or deny a claim.
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Blue Shield: Nonprofit corporation providing protection to its members against the cost of surgery and other items of medical care in a limited geographic area.
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