A transaction sometimes defined by statute through which, of itself or in combination with other similar agreements, an insurer assumes all or a substantial portion of the liability of the ceding company.
Tag: RAW
Bulk Reserves
A liability for losses with or without LAE or ALAE not attributable to specific claims.
Bulk transfer
The transfer of a group of members from one occupational pension scheme to another. A transfer payment is made to the new scheme based on the transfer of assets and liabilities. The transfer may occur when members of a closed final salary scheme are given the chance to join a new money purchase scheme. More usually it occurs when the business changes ownership. The consent of the members is required as they could opt for a pension transfer to a personal pension, a section 32 policy or no transfer at all. The transfer payment usually exceeds the individual’s cash equivalent transfer value.
Bullet (•)
1. Alert symbol used in the diagnostic code book titled International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) . It is used to indicate a diagnostic code or line of text that indicates the description is new to that specific annual edition. 2. New code symbol used in the procedure code book titled Current Procedural Terminology (CPT) . It is used to identify a service or procedure code that is new to that specific annual edition. 3. When an audit is taking place, term used to indicate evaluation and management criteria for documenting services rendered. Also known as an element .
Bullion
Refers to precious metals, such as gold, in the form of ingots or bars.
Bumbershoot
A form of coverage similar to an umbrella, having to do with ocean marine risks.
Bumbershoot Policy
A liability policy similar to the Umbrella Policy which includes coverage related to Ocean Marine risks. In addition to General Liability coverage, Protection and Indemnity can be provided, as can Liability under the Workers Compensation Act. Collision coverage can be provided and general average and salvage charges can be included. A shipyard would be interested in a Bumbershoot Policy.
BUN
See: blood, urea, nitrogen (BUN) .
Bund Insurance
(For use as Fisheries in Pond) : Fisheries in pond insurance can be extended to cover Bunds/sluice gates etc against natural perils. The minimum height of the bund should be 8 feet from the ground level from the surrounding land area in on-flood prone areas and the width of the bund at the top level should be 6 feet wide, from the water level it should have minimum 1 meter height. In flood prone areas, the minimum height of the bund should be 12 feet from the ground level and the minimum width of 6-8 feet at the top level. There would be one year waiting period for bunds. The cover for bunds to be extended only after one monsoon with the crop on. Flood and bund cover is to be given only after first crop is over.
Bundled
1. Collection of several types of health insurance policies under one payer. 2. Inclusive grouping of procedural codes related to medical services when submitting an insurance claim.