Insurance Glossary
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B
- Beneficiary
- The ultimate recipient of a benefit an example being an insurance payout.
- Blanket insurance policy
- A policy that is designed to covers more than one person or more than one property.
- Breach of contract
- This would be when someone fails to conduct a provision of a contract.
- Breakdown cover
- A policy that provides recovery and repair services for vehicles/motorists for when they break down.
- Broker
- An agent who brings two parties together, enabling them to enter into a contract to which he is not a principal. His remuneration is usually calculated as a percentage of the sum involved in the contract but may be fixed according to a tariff. Brokers are used because they have specialized knowledge of certain markets or to conceal the identity of a principal, in addition to introducing buyers to sellers.
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