Bokeelia Florida Auto Insurance

Insurance Information
Bail Bond
Variously used in connection with the release of a person or property from the custody of the law, referring to the bond or sum of money that is furnished the court or other official as indemnity for nonperformance of the obligation.

Bailee
One who has custody of the property of another. Bailees "for hire" have certain responsibilities to care for the property of another.

Bailment
The delivery of goods or personal property by one person to another, in trust for the execution of a special purpose in relation to such goods, beneficial either to the bailor, the bailee or both. This is done by contract, express or implied, which obligates the bailee to perform the trust and carry out its purpose and then either redeliver the goods to the bailor or dispose of the goods according to the purpose of the trust.

Bailor
The owner of property legally possessed by another bailee.

Benefit Period
A period of time typically one to three years during which major medical benefits are paid after the deductible is satisfied. When the benefit period ends, the insured must then satisfy a new deductible in order to establish a new benefit period. Length of time a policy will pay benefits to an insured.

Benefits
The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.

Binder
A written or oral contract issued temporarily to place insurance in force when it is not possible to issue a new policy or endorse the existing policy immediately. A binder is subject to the premium and all the terms of the policy to be issued.

Blanket Contract
A contract of health insurance affording benefits, such as accidental death and dismemberment, for all of a class of persons not individually identified. It is used for such groups as athletic teams, campers, travel policy for employees, etc.

Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established in the policy for all hospital and medical expenses incurred, without any limitations on individual types of medical expenses.

Blue Cross
An independent, nonprofit membership corporation providing protection on a service basis against the cost of hospital care in a limited geographical area.

Blue Shield
An independent, non-profit membership corporation providing protection on a service basis against the cost of surgical and medical care in a limited geographical area.

Bodily Injury
A legal responsibility due to negligence arising from an occurrence resulting in an injury of another person's life or health.

Bond
A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.

Broker
A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.

Business Insurance
Any insurance for commercial or business enterprises, as opposed to personal insurance, which is for the protection of individuals; a policy written for business purposes, such as key employees, partnerships, and corporations. Synonym is Commercial Lines.