Duplicate data file; tape, CD-ROM, disk, or external hard disk used to record data; it may be used to complete or redo an operation if the primary equipment fails.
Insurance Encyclopedia
Bad debts
Accounts receivable considered uncollectible in a medical practice because of failure of patients to pay amounts owed. This does not include write-off accounts of indigent patients.
Bad debts insurance
See: Credit Insurance.
Bad Faith
Bad faith is a term that describes conduct by an insurance company that is so unfair that it exceeds mere negligence. When a court or state insurance department finds that an insurance company has acted in bad faith, the person bringing the complaint may collect substantial damages.Bad faith claims are often associated with the insurance company’s failure to act in the best interest of the insured. The company may arbitrarily refuse to settle a claim or provide a wholly inadequate defense for the insured. In short, bad faith takes place when an insurance company unreasonably withholds benefits from a legitimate claimant.
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A tort created by judicial decision that allows an insured to recover tort damages (bodily injury, emotional distress, loss of use, trouble and inconvenience, and punitive damages) if an insurer intentionally, or in willful disregard of the rights of the insured, does something that deprives the insured of the right to recover the benefits of the policy.
Baggage insurance
All risks’ cover on personal effects and luggage generally insured under travel insurance policies.
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Covers personal accompanied baggage of the insured and/or his family members travelling with him against the risks of their baggage being lost, destroyed or damaged by accident, Fire or theft.
Baguio
A violent cyclonic wind in the Philippines; a hurricane.
Bail
A deposit or assignment guaranteeing appearance of a defendant for a trial, which is forfeited if the defendant fails to appear at the stipulated time.
Bail agent
A person who solicits, negotiates, and effects undertakings of bail on behalf of any surety insurer. All bail agents must meet specified bond requirements.
Bail bond
Guarantees the appearance of a person in court enabling them to be released on bail. If the person fails to appear, the ‘bondsman’ of the bond to the court. Spain requires visiting motorists to provide bail bonds from their insurers as a means of ensuring that funds will be available to meet any damages payable after road accidents.
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Refer: “Bond, Bail Bond.”
Bail clause
Provides members of P & I Clubs with the backing needed to secure bail when their vessels are in rem for a tortious or contractual liability leading to a maritime or statutory lien over the vessel. The club’s letter of undertaking secures the release of the vessel long before a court could rule on the case, thus enabling the released vessel to trade.