National program in which the state enters into an agreement with the Bureau of Health Insurance, which is under the Social Security Administration and obtains supplementary medical insurance benefits for eligible participants. The state pays the monthly health insurance premium on behalf of the beneficiary.
Tag: RAW
Buy-out settlement
See: financial settlement .
Buy-sell agreement
Contract made by partners of a business to buy the share of a disabled or deceased owner and which terms are established before the beginning of disability or death.
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(01) An agreement among part owners of a business which says that under stated conditions i.e., disability or death, the person withdrawing from the business or his heirs are legally obligated to sell their interest to the remaining part-owners and remaining part-owners are legally obligated to buy at a price fixed in the agreement. (02) A similar agreement between an owner or part-owner of a business and a non-owner such as a key employee.
Buy-sell agreement (Liability)
An agreement that states if a part-owner of a business wishes to sell, he or she must sell to the other part-owners or another person named in the agreement. The price of the part of the business is also named in the agreement.
Buyer’s Interest Insurance Clause, Marine Cargo, Contingent Cover
As in seller’s interest this too is a contingent cover. In protects only the interest of the buyer, following a loss or damage to the cargo insured, which as per terms of sale, he is not obliged to insured. In a shipment on FOB/C & F/FCA or other similar terms where the buyer is not responsive to insured the whole or part of the inland transit before FOB point. Under buyer’s interest he may still insured on contingent basis. This will not amount to double insurance and the existence of this insurance is not to be made known to the seller or his insurers. If a buyer has suffered a monetary loss (in case of advance payment) as a result of loss or damage before the “risk transfer point” and the seller or his insurers refuse to pay the claim, buyer can have recourse to this insurance. Subrogation applies. This insurance will operate as “Difference in Conditions” in case of CIF contracts where the seller is obliged to arrange insurance. If any claim is not recoverable under Seller‘s Insurance policy, due to restricted coverage/absence of coverage, the claim can be made under the buyer’s insurance clause.
By Reason of or in Pursuance of a Contract of Employment (Motor Insurance)
A passenger would be carried “by reason of” his contract of employment if he is allowed by the employer to travel in the vehicle as an aid to the work of if he is ordered by the employer to travel in the vehicle. On the other hand. If the contract of employment gives a right to the passenger to travel in the vehicle as a part of service conditions, the conveyance will “in pursuance of” the contract.
By report (BR)
Documentation in the form of a report submitted with the claim when the notation BR follows the procedure code description. This term is sometimes seen in workers’ compensation fee schedules.
By way of business test
FSMA, s.22, specifies that a selling or administration activity is a regulated activity only if it is carried on ‘by way of business. In effect this means that the activity provides a direct financial benefit to the business. Financial benefit need not be in the form of money or a profit element. An employer who arranges health cover for his staff but receives no commission does not generally carry on insurance mediation by way of business.
Byelaw
The means whereby the Council of Lloyd’s under s.6 of Lloyd’s Act 1982 lays down the rules of the Lloyd’s community. The term extends to any direction, regulation or other instrument (including any regulation ratified by the Council by special resolution) and any associated condition or requirement. Lloyd’s is expected to give the FSA adequate notice of all proposed byelaw changes affecting supervision and regulation of the Lloyd’s market. The FSA also requires copies of regulatory and market bulletins and all byelaw amendments as soon as they are published. See LLOYD’S MARKET CONDUCT.
Byway
A law or ordinance dealing with matters of local or internal regulation made by a local authority or by a corporation or association.