We promise to give you quality health insurance at an affordable cost.
Quality Insurance
Hatcher & Associates is dedicated to a no-nonsense approach to health insurance. We focus on giving you the insurance you need in a timely and cooperative manner.
An accounting term which refers to a listing of the assets, liabilities, and surplus of a company or individual as of a specific date. (G)
Basic Limit.
Usually refers to Liability policies and indicates the lowest amount for which a policy can be written. This amount is either prescribed by law or company policy. (G)
Basic Premium.
A fixed cost charged in a retrospective rating plan. It is a percentage of the standard premium and is designed to give the insurer the money needed for administrative expenses and the agent's commission plus an insurance charge. See also Retrospective Rating. (G)
Basic Rate.
The manual rate from which discounts are taken or to which charges are added to reflect the individual circumstances of a risk. (G)
Benefits.
Financial reimbursement and other services provided insureds by insurers under the terms of an insurance contract. An example would be the benefits listed under a Life or Health Insurance policy or benefits as prescribed by a Workers Compensation law. (G)
Binder.
An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid. This term is not usually used in Life Insurance. See also Cover note. (G)
Birth Rate.
The number of births related to the total population in a given group during a period of time. It is usually expressed as births per 100,000 people in 1 year. (G)
Blanket Contract.
See Blanket Insurance. (G)
Book of Business.
A total of all insurance accounts written by a company or agent. It may be treated in different ways. For example: an insurer's book of automobile business, or an agent's overall book of business, or an agent's book of business with each insurer. (G)
Book Value.
Refers to the value of assets as shown in the official accounting records of the company. (G)
Bordereau.
(1) A written report of individual cessions, usually detailed to show such items as reinsurance premiums or reinsurance losses with respect to specific risks. (2) A memorandum containing information concerning documents that accompany it. Used extensively in passing reinsurance from one insurer to another under a reinsurance agreement and by Property and Liability agents for passing information to various insurers on coverages written. (R,G)
Borderline Risk.
An insurance prospect of doubtful quality from an underwriting point of view. (G)
Boycott.
An unfair trade practice which occurs when someone in the insurance business refuses to have business dealings with another until he or she complies with certain conditions or concessions. (G)
Branch Manager.
An executive who manages a branch office for an insurer or an agency. See also Regional Office. (G)
Branch Office.
See Regional Office. (G)
Brick Construction.
Refers to a building where at least 75% of the exterior walls are of some type of masonry construction, i.e., brick, stone or hollow masonry tile, poured concrete or reinforced concrete, or hollow masonry block. (G)
Brick Veneer Construction.
Refers to a building where the outside walls are constructed of wood with a facing of a single layer of brick. (G)
Broker.
One who represents an insured in the solicitation, negotiation or procurement of contracts of insurance, and who may render services incidental to those functions. By law the broker may also be an agent of the insurer for certain purposes such as delivery of the policy or collection of the premium. (G)
Broker of Record.
A broker who has been designated to handle certain insurance contracts for the policyholder. (G)
Brokerage.
(1) The fee or commission received by a broker. (2) Insurance placed by brokers contrasted with that placed by agents. (G)
Brokerage Business.
Business offered to an insurer by a broker. This is sometimes called excess or surplus business. (G)
Brokerage Department.
A department of an insurer whose purpose is to deal with brokers in the placing of insurance. (G)
Broker-Agent.
One acting as an agent of one or more insurers and as a broker in dealing with one or more other insurers. (G)
Building Code.
This refers to municipal or other governmental ordinances regulating the type of construction of buildings within its jurisdiction. (G)
Bullion.
Refers to precious metals, such as gold, in the form of ingots or bars. (G)
Bureau, Rating.
See Rating Bureau. (G)
Burning Ratio.
The ratio of losses suffered to the amount of insurance in effect. (G)
Business.
In Property, Liability, and Health lines, it usually refers to the volume of premiums. (G)
"Buy-Back" Deductible.
A deductible which may be eliminated for an additional premium in order to provide "first-dollar" coverage. (G
Get a Quote
