Glossary of Insurance Terms
Printed with permission from the Insurance Institute of Canada.
Please choose a letter to continue:
Bailee
Bailment
Bailor
Balance Sheet
Basic Premium
Betterment
Binder
Blanket Crime Policy
Blanket Policy (Insurance)
Boiler and Machinery Insurance
Brick Veneer Construction
Broker
Builders Risk Insurance
Building Codes
Burglar Alarms
Burglary
Burglary Insurance
Business Insurance
Business Interruption Insurance
By-law
By-law Endorsement
Bailee
In contract and property law one to whom goods or
property are entrusted for a stated purpose. Can be
either gratuitous (for no consideration) or for hire (for
consideration).
Bailment
The act of placing goods in the possession of a bailee.
Bailor
A person entrusting goods to another.
Balance Sheet
Financial statement showing assets, liabilities and
equity of a company.
Basic Premium
A starting charge made to which is added the premium
developed by the application of rates as directed.
Betterment
Physical improvements beyond mere maintenance or repairs
that augment the value of a property.
Binder
A written or oral agreement given by an insurer to insure
a risk, pending the issue of a policy. A binder is deemed
to be the policy and must be cancelled in the same
manner.
Blanket
Crime Policy
An individual policy covering several crime perils on a
single amount rather than on individual limits.
Blanket
Policy (Insurance)
Insurance on two or more items, or locations, in one
aggregate sum insured without separate amounts for each
item.
Boiler and
Machinery Insurance
Coverage that indemnifies in the event of loss with
respect to and arising from the ownership, use and
operation of boilers, pressure vessels and machinery.
Brick
Veneer Construction
Frame construction with a single course of brick as an
outside covering.
Broker
An independent person or firm who acts on behalf of the
insured in placing business with insurance companies.
Builders
Risk Insurance
Insurance coverage on property under construction
including loss to buildings or ships, including machinery
and equipment, under course of construction, and
materials incidental to construction.
Building Codes
Rules and regulations of governmental bodies defining
standards that construction in that jurisdiction must
meet.
Burglar Alarms
Devices of various types which give warning of entry into
premises by unauthorized persons.
Burglary
Unlawful removal of property from premises involving
visible forcible entry.
Burglary Insurance
Insurance against loss of property caused by burglars.
Business Insurance
A form of insurance to protect a business against the
loss of services of a key employee or employees. Usually
accident and sickness, however, life insurance may also
form part of the package. Also called Partnership
Insurance or Corporation Insurance.
Business
Interruption Insurance
Various types of insurance against business expenses and
loss of income resulting from a fire or other insured
peril.
By-law
A law or ordinance dealing with matters of local or
internal regulation made by a local authority or by a
corporation or association.
By-law Endorsement
An endorsement explaining how a particular insurance
company deals with a claim which is affected by a local
by-law.
