Any of the commercial or personal lines property insurance which provide basic coverage i.e., the most limited coverage.
Insurance Encyclopedia
Basic death benefit
Death benefit in keeping with the terms of the original, basic contract of a life insurance policy, which is equivalent to the face amount. A basic death benefit does not include supplementary riders (e.g., accidental death benefit [ADB] rider). See also death benefit and face amount .
Basic experience table
See: basic mortality table .
Basic Extended Reporting Period
An automatic “tail” for reporting claims after expiration of a “claims-made” liability policy. It is provided without charge and consists of two parts: (i) a mini-tail covers claims made within 60 days after the end of the policy; (ii) a midi-tail covers claims made within five years after the end of the policy period arising out of occurrences reported not later than 60 days after the end of the policy.
Basic form rates (Property Insurance)
As put forth under the commercial lines program, Group I and Group II rates combine to form the basic form rates.
Basic Health Care Policies
Provide coverage for hospital, surgical and non-surgical doctor’s care, usually subject to relative low maximum limit on amounts or days of service.
Basic health services
1. Specific benefits that federally qualified health maintenance organizations (HMOs) must offer to enrollees, defined under Subpart A, 110.102 of the Federal HMO Regulations. 2. Minimum health services that should be available for adequate health care for a population.
Basic hospital plan (Health Insurance)
The minimum benefits provided by an insurance policy. Also called basic benefits.
Basic life insurance
Insurance policy that provides for payment of a specific dollar amount on the insured’s death either to his or her estate or to a designated beneficiary so named.
Basic Limit
(01) Usually refers to Liability of Insurer indicating the lowest amount for which a policy can be written. This amount is either prescribed by Law or Underwriting Policy of the Company. (02) A prescribed set of policy limits used to standardize the collection of experience.
***
The minimum amount for which a liability policy can be written.
***
Under liability Insurance, the minimum liability limits available.