Glossary
Plain-language definitions of insurance terms.
- Beneficiary
- The person or entity named in a life-insurance policy to receive the payout when the insured dies.
- Binder
- A short-term document confirming that coverage is in force while the formal policy is being issued.
- Bodily Injury Liability
- The portion of an auto liability policy that pays for injuries you cause to other people in an accident, up to the policy limits.
- Business Interruption Insurance
- Coverage that replaces lost income and helps pay ongoing expenses when a covered event forces a business to pause operations.
- Business Owners Policy (BOP)
- A package that bundles general liability and commercial property coverage, and often business interruption, for small to mid-sized businesses at a lower cost th...
Life
Auto
Business
Business