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.
Insurance Encyclopedia
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.
Basic Coverage Plan
Any of the commercial or personal lines property insurance which provide basic coverage i.e., the most limited coverage.
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.