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Balance Sheet - An accounting term referring to a listing of a company's assets, liabilities and surplus as of a specific date.
Benefit of Insurance Clause - A clause by which the bailee of goods claims the benefit of any insurance policy effected by the cargo owner on the goods in care of the bailee. Such a clause in a contract of carriage, issued in accordance with the Carriage of Goods by Sea Act, is void at law.
Benefit Period - In health insurance, the number of days for which benefits are paid to the named insured and his or her dependents. For example, the number of days that benefits are calculated for a calendar year consist of the days beginning on Jan. 1 and ending on Dec. 31 of each year.
Best's Capital Adequacy Relativity (BCAR) - This percentage measures a company's relative capital strength compared to its industry peer composite. A company's BCAR, which is an important component in determining the appropriateness of its rating, is calculated by dividing a company's capital adequacy ratio by the capital adequacy ratio of the median of its industry peer composite using Best's proprietary capital mode. Capital adequacy ratios are calculated as the net required capital necessary to support components of underwriting, asset, and credit risks in relation to economic surplus.
Bill of Lading - Contract of carriage and receipt for goods, issued by carrier.
Broker - Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.
Business Net Retention - This item represents the percentage of a company's gross writings that are retained for its own account. Gross writings are the sum of direct writings and assumed writings. This measure excludes affiliated writings.
Bullion - Precious metals, such as gold, in the form of ingots or bars.
Burning Cost - A loss ratio determined from the statistics of a number of preceding years in order to assess the premium to be charged to the reinsured in connection with excess loss reinsurance.
