The given value, e.g. 18 degrees C (i.e. the reference temperature), from which a deviation is measured in a weather derivative. See COOLING DEGREE DAYS; HEATING DEGREE DAYS.
Insurance Encyclopedia
Baseline Data
Data collected prior to an activity (such as hazardous employment) for later use in describing conditions before the project began or changes brought about by the activity.
Basic and major medical program
Insurance plan that combines basic benefits with major medical benefits. Usually this insurance coverage has no front-end deductible and benefits begin with the first dollar of expense incurred by the patient for a covered benefit. Sometimes basic benefits are referred to as “first-dollar” benefits.
Basic benefits
Base health services listed in an individual’s health insurance plan plus coverage required under applicable federal and state regulations. Also called basic medical benefits .
Basic benefits (Health Insurance)
The minimum benefits provided by an insurance policy. Also called a basic hospital plan.
Basic Capital Adequacy Relativity (B.C.A.R.)
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.
Basic Capital Requirement (BCR)
The BCR is a simplified factor-based capital requirement intended for insurers designated as systemic (GSIIs) and is intended to be the basis on which additional capital requirements, a.k.a. Higher Loss Absorbency (HLA) are applied to GSIIs.
Basic causes of loss
The perils of fire, lightning, and removal of property from premises endangered by those perils as shown in the standard 1943 New York fire policy.
Basic compensation
Wages paid to an employee excluding overtime, bonuses, and other types of additional compensation. It may or may not include commission income. This financial amount is a way of determining an employee’s benefits and insurance contributions.
Basic coverage
1. Insurance protection to offset hospital expenses for an individual. 2. Under Blue Cross and Blue Shield plans, this is coverage exclusive of major medical. 3. For Medicare beneficiaries, basic coverage is Medicare Part A and/or Part B exclusive of any supplemental coverage.