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Term |
Definition |
Bad Faith |
The unreasonable delay or denial of a legitimate claim. If a policyholder’s claim has been unreasonably delayed or denied, bad faith law allows the insured to seek monetary damages for pain and suffering, consequential damages, punitive damages, etc. |
Beneficiary |
The person who may become eligible to receive, or is receiving, benefits under an insurance policy. |
Broker |
An individual or company who solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of insureds or insurance companies. |
Business Interruption Insurance |
A type of policy that pays for loss of earnings, revenues, profits, etc., when operations are curtailed or suspended because of property loss. |
