Beneficiary: A person designated by an insuring organization as eligible to receive insurance benefits.

Benefit: Amount payable by the insurance company to a claimant, assignee or beneficiary when the insured suffers a loss covered by the policy.

Benefit period: The maximum length of time specified in an insurance product during which benefits will be paid.

Brand Rx: The original drug developed and marketed under a specified name with patent protection.

Broker: An insurance professional/intermediary who markets and explains insurance products to insureds and prospective insureds. Brokers are typically licensed by a state to place insurance on behalf of clients (individuals and organizations) with any number of companies, while others represent a single insurer. A broker technically represents the client.

Business auto policy: A hybrid policy that provides both property and liability coverage; main coverages are auto liability and physical damage coverage.

Business Group of One (BGO): An individual, a sole proprietor, or a single full-time employee of a subchapter S corporation, C corporation, nonprofit corporation, limited liability company or a partnership who works twenty-four hours or more a week on a permanent basis and who has carried on significant business activity for a period of at least one year prior to application for coverage, has gross income as indicated on federal internal revenue service forms 1040, Schedule C, F, or SE, or other forms recognized by the federal internal revenue service for income reporting purposes which generated gross income from which that individual, sole proprietor, or simple full-time employee has derived at least a substantial part of such individual’s income for one year out of the most recent consecutive three-year period. For the purposes of definition, “substantial” part of such individual’s income” means income derived from business activities of the business group of one that are sufficient to pay for annual health insurance premiums for the business group of one.