A person who has temporary custody of property belonging to another person. An example of a bailee: the dry cleaners.
- Bailee’s Customers Policy
Insurance obtained by a bailee, to cover loss or damage to customers’ property in the bailee’s custody, without regard to liability.
A person who may become eligible to receive, or is receiving, benefits under an insurance plan. The beneficiary is selected by the policy owner and may be changed at any time, unless “irrevocable.”
Binders and other temporary insurance contracts may be made orally or in writing. Each binder is deemed to include all usual terms of the policy for which it was given plus endorsements. Life or Disability insurance utilizes conditional receipts instead of binders.
- Blanket Insurance Contract
A contract of Health insurance that covers all of a class of persons not individually identified. Often written to cover school children or sports teams, such as Little League. No certificates are issued, since coverage applies to everyone that attends or participates.
- Blanket Position Bond
Fidelity bond that specifies a single limit of Liability applicable to each employee involved in a loss.
- Blue Plan
Generic term for those insurers (usually on a service rather than reimbursement basis) who are authorized to use the designation “Blue Cross” or “Blue Shield.”
- Bodily Injury
Usually defined to include bodily harm, sickness, disease, including required care, loss of services and resulting death.
- Boiler and Machinery Policy
Insurance that covers the insured against loss (Liability and Physical Damage) arising out of the use of steam boilers or other machinery. May be written as a separate policy or as part of a Commercial Package Policy.
An obligation of the insurance company to protect one against financial loss caused by the acts of others.