Insurance agency operated by an independent general agent who is under contract with several insurance companies. Also known as a brokerage general agency .
Insurance Encyclopedia
Brokerage supervisor
An insurance company employee authorized to designate insurance company brokers.
Brokers
Intermediaries who place Reinsurance business with Reinsurers on behalf of Ceding companies.
Brushing –
An internet scam where people are sent unsolicited items from a seller who then post false customer reviews to increase sales. Foreign, third-party sellers can use a person’s address and Amazon information to generate a fake sale and phony review.
Brussels Tariff Nomenclature Number (B.T.N.)
The customs tariff number used by most European nations. The United States does not use the BTN, but a similar system known as the Harmonize Tariff Schedule.
BU
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating the Medicare beneficiary is undecided on purchasing or renting the item.
BUBBA
Sometimes the Balanced Budget Act of 1997 is informally pronounced as “bubba.”
Budget neutrality
Under Medicare, adjustment of payment rates so that total costs are expected to remain the same as under the previous payment rules.
Buffer Layer
A stratum of cover between the upper limit of the primary insurer and the attachment point of the excess or umbrella insurer. The ‘buffer layer’ fills the gap. Example: total policy limit of £10 million is arranged as follows: primary layer = £1 million; buffer layer is £1 million in excess of £1 million and the excess/umbrella layer is £8 million in excess of £2 million. In reinsurance terms the buffer layer sits between the working cover/layer and the catastrophe layer. It absorbs relatively large losses that do not occur annually, but do so with some regularity.
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The buffer layer is the layer of insurance that resides between the primary layer and the excess layer. For example, suppose Marcia wants to purchase a business umbrella liability, but she is required to carry underlying comprehensive general liability limits of at least $500,000. Marcia has only $300,000 liability coverage and her current insurance company will not increase the primary coverage. Marcia either faces a $200,000 gap in coverage or purchases a $200,000 “buffer.”
Buffing
A physician’s justifying the transference of sick, high-cost patients to other physicians in a managed care plan.