- Biweekly Payment Mortgage
A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower’s bank account. The result for the borrower is a substantial savings in interest.
- 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 Insurance Policy
A single policy that covers more than one piece of property (or more than one person).
- Blanket Mortgage
A mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project.
- Blanket Position Bond
Fidelity bond that specifies a single limit of Liability applicable to each employee involved in a loss.
The illegal and discriminatory practice of inducing homeowners to sell their properties by suggesting or implying the introduction of members of a protected class into the neighborhood.
- 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.”
- Blue Sky Laws
The common name for state and federal laws that regulate the registration and sale of investment securities.
- 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.