Assignment
Assignment in insurance refers to the transfer of rights or interests in an insurance policy from one party to another.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Assignment of Benefit (AOB)
Assignment of Benefits (AOB) is a legal agreement that allows a healthcare provider, such as a doctor, hospital, or other medical facility, to bill your health insurance plan directly and receive payment for the services they provide to you.
Aviation Insurance
Aviation insurance is a specialized type of insurance that provides coverage for aircraft, airlines, and other businesses involved in aviation.
Bancassurance
Bancassurance is a business model in which insurance products are sold through a bank’s distribution channels.
Base Rate
A base rate, in the context of insurance, is the starting point for calculating insurance premiums.
Basic Policy Form
A basic policy form, also known as a standard policy form, is a template or a standardized insurance contract that provides a baseline of coverage for a particular type of insurance.
Billing
In the context of insurance, billing specifically refers to the process of invoicing and collecting insurance premiums from policyholders.
Binder
In the insurance industry, a binder is a temporary insurance contract that provides coverage while a permanent policy is being processed.
Bodily Injury Liability
Bodily injury liability coverage is a crucial component of insurance policies that provides financial protection to individuals or entities in the event they are held responsible for causing bodily harm or injury to others.
Boiler and Machinery Insurance
A type of insurance that covers damage to equipment and machinery, as well as liability for injuries or damages caused by equipment breakdown.
Boiler Explosion Insurance
A type of insurance that specifically covers damage caused by the explosion of a boiler or other pressure vessel.
Bordereau
A bordereau is a type of report used in the insurance industry to summarize key details about insurance policies or claims.