Insurance Glossary

Insurance Gobbledygook Made Simple

Plain english explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.

BBeneficiarythe person, persons or entity designated to receive the death benefits from a life insurance policy when you die.Benefit Maximumthe time period for which payments for benefits of an insurance policy are available.Benefit periodthe time period for which payments for benefits of an insurance policy are available.Bindera temporary insurance contract that provides proof of coverage until you receive a permanent policy from the company. A binder is subject to the payment of a premium.Bodily injury liabilityinsurance that pays for another person’s bodily injury or death in an automobile accident caused by you. It compensates those people for pain, suffering, and other personal hardships, and will also pay for some economic damages (i.e., lost wages).Brokeran insurance salesperson who deals with agents and companies to find insurance for consumers.Burial policya policy to cover funeral and burial costs.