Insurance terms and definitions from Parkway Insurance Group, Inc.
Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Parkway Insurance Group, Inc. today to learn more.
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
B-Share Variable Annuity: A type of variable annuity with no upfront sales charge but with deferred surrender charges that decline over time, typically over 5 to 7 years.
Balance Sheet: A financial statement showing a company’s assets, liabilities, and policyholder surplus at a specific point in time.
Bank Holding Company: A company that owns or controls one or more banks and is regulated by the Federal Reserve for supervisory and merger activities.
Basis Point: A unit equal to one-hundredth of a percent (0.01%) used to measure changes in interest rates or yields.
Beach and Windstorm Plans: State-backed insurance pools that provide windstorm coverage to high-risk coastal properties not insurable through the standard market.
Binder: A temporary contract that provides proof of insurance coverage before the official policy is issued.
Blanket Insurance: Insurance that covers multiple properties or locations under one policy and limit.
Bodily Injury Liability Coverage: Auto insurance that pays for injuries the policyholder causes to others in an accident.
Boiler and Machinery Insurance: Commercial insurance covering losses from the breakdown of equipment such as boilers, HVAC systems, and electrical machinery.
Bond: A financial instrument representing a loan made by an investor to a borrower, or in insurance, a guarantee of performance or honesty.
Bond Rating: An assessment by rating agencies of a bond issuer’s creditworthiness and ability to repay debt.
Book of Business: The total portfolio of insurance policies held by an insurer at a specific time.
Broker: A licensed intermediary who shops insurance options for clients and typically sells commercial insurance products.
Burglary and Theft Insurance: Coverage for loss of property due to criminal acts such as burglary, robbery, or theft.
Business Income Insurance (Business Interruption Insurance): Coverage that reimburses businesses for lost income and ongoing expenses during closures caused by covered property damage.
Business owners Policy (BOP): A package insurance policy combining property, liability, and business interruption coverage for small to mid-sized businesses.
DISCLAIMER: The definitions provided in this glossary are intended to offer a general understanding of common insurance terms used within the industry. They may not apply in all states or to every insurance or financial product. This resource is for informational purposes only and does not constitute an insurance contract. Coverage terms, conditions, and exclusions vary—please consult your actual Parkway Insurance Group policy documents for complete details. In the event of any discrepancies between these definitions and your official policy, the policy provisions will take precedence. This content does not replace or fully explain the rights and obligations of policyholders, insurance agents, or insurance carriers. For questions about your specific coverage, please contact Parkway Insurance Group directly or refer to your policy language.
Glossary information has been adapted from trusted industry sources, including III.org (the Insurance Information Institute).