An insurance contract that accepts a ship or its cargo as collateral for a loan funding a maritime voyage. In the event the ship is lost at sea, the loan is cancelled and the borrower is not obligated to repay the lender.
Insurance Encyclopedia
Bouquet Of Treaties
A group of treaty arrangements offered by a Ceding Company as a package deal to reinsures. The Reinsurer is required to take an equal share in all the treaties (across the board), which may mean Writing some business which is normally not accepted, unbalanced or unattractive individually.
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Refer: “Reinsurance, Bouquet Of Treaties.”
Bouquet Treaty
Reinsurance treaty combining contracts from different classes of business; the package often includes both desirable and undesirable business.
Bourse
A continental exchange at which insurance is transacted e.g., at Amsterdam.
Boutique medicine
See: concierge care .
Box
An underwriter’s seat and desk at Lloyd’s.
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Each syndicate has a box in the underwriting room at Lloyd’s from which business may be transacted with Lloyd’s brokers. Each box comprises a couple of opposite facing benches and desks at which the underwriters employed by the managing agent of the syndicate sit, plus some stools for the visiting Lloyd’s brokers to sit on. Most boxes have computer terminals as well as access to other information technology.
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UK: The space occupied by an underwriter and his staff in the Room at Lloyd’s.
Boycott
An unfair trade practice which occurs when someone in insurance business refuses to have business dealings with another until he complies with certain conditions or concessions.
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Another practice defined as unfair under most states’ codes. Such a practice occurs when someone in the insurance business refuses to do business with someone else until that person complies with certain conditions or concessions.
BP
1. See business partner . 2. HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating that the Medicare beneficiary elected to purchase the item. 3. See Medicare Benefit Policy Manual (BP) .
BR
1. HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating the Medicare beneficiary elected to rent the item. 2. Abbreviation for by report. See by report (BR) .
Braces { }
Punctuation symbols used in the diagnostic code book titled International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) . It is used to enclose a series of terms, each of which is modified by the statement appearing at the right of the brace in the descriptions of the diagnoses. This convention does not appear in ICD-10-CM.