B.I. (Bodily Injury liability insurance) - A coverage protecting against injury to the body of a person. The term is usually specifically defined in the policy and these individual definitions have variations, however, it normally applies to injuries the insured causes to others.
Bind, bind coverage, binder - An insurance agent is usually authorized by the insurance company to bind coverage, stating that certain specified coverage is in force with a specific insurance company as of a particular date and time (or immediately). A binder is a statement that coverage is in force. Its purpose is to provide temporary coverage (in our case, no more than 5 calendar days) until an actual insurance policy can be issued.
Broker - A term generally used to describe one who places business with more than one company, and who has no exclusive contract requiring that his business first be offered to a single company. Unlike the agent, who is considered to represent his company, the broker usually is considered as representing the insured. Many states require that companies license agents rather than selling through brokers. This ensures that the company has responsibility for the actions of their representatives.
About Us |
Policies & Coverage |
Free Quote |
Contact Us |
(305)-DEL-TORO ® | (305)-335-8676 | email@example.com
Copyright © 2012 Del Toro Insurance. All rights reserved.