The minimum benefits provided by an insurance policy. Also called basic benefits.
Insurance Encyclopedia
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.
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The minimum amount for which a liability policy can be written.
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Under liability Insurance, the minimum liability limits available.
Basic Limits of Liability
Minimum amounts of insurance. The term is usually used in reference to bodily injury and property damage limits that are either the lowest amount which can be written at the published or manual rates, the minimum amount of insurance an insurer is willing to underwrite, or the minimum amount of insurance required by law.
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The minimum amount for which a liability policy can be written, as dictated by the published rates or the law.
Basic medical benefits
See: basic benefits .
Basic Medical Expense Insurance
Basic medical coverage for doctor visits, diagnostic x-rays lab tests and emergency treatments. Usually written without deductibles and coinsurance provisions but benefits are limited to specified amounts.
Basic mortality table
Statistical table without a safety margin that shows the death rate at each age, expressed as so many per thousand. Also called a basic experience table .
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A table listing the actual ages of death of a population, with no adjustments made for probability.
Basic named perils
Covered perils in a property insurance contract fire, lightning, windstorm, civil commotion, smoke, hail, aircraft, vehicles, explosion, and riot. The basic perils may vary by insurer.
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Covered perils in a property insurance contract: fire, lightning, windstorm, civil commotion, smoke, hail, aircraft, vehicles and explosions and riot.
Basic premium
A fraction of the standard premium. This portion is used for administrative costs and agents’ commissions.
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Insurance Premium paid at the beginning of the coverage period under a retrospective rating plan. It is percentage of standard premium and is designed to give the Insurer the money needed for administration expenses and the Agents commission plus on Insurance charge.
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RAW,MEDICAL,USA: Premium for workers’ compensation or life insurance that takes into consideration the following: an individual having an average expectation of loss, insurance company’s administrative expenses, and insurance agent’s commission. Also called standard premium rate .
Basic Principles on Insurance Contract
All general Insurance contracts are governed by the following basic principles: (i) insurable interest (ii) utmost good faith (iii) indemnity (iv) subrogation (v) Contribution (vi) proximate cause.