Insurance glossary

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.